The formation of the ASEAN Community will be a significant driver of
the economic integration process in Asia, Chinese Minister of Foreign
Affairs Wang Yi said on March 28.
He made the
remark at a session titled “ASEAN Community: A major milestone for Asian
integration” on March 28, part of Boao Forum for Asia (BFA) Annual
Conference 2015 held from March 26 to 29 in Boao, China.
Wang stressed that China supports and believes that the ASEAN
Community will be formed by the end of this year based on the principles
of unity, equity and all-win, and it will uphold its key role in
driving East Asia cooperation.
He noted that trade
between China and the ASEAN hit 480 billion USD while two way investment
reached 120 billion USD last year, marking the fifth consecutive year
China had been ASEAN’s biggest trading partner and the fourth
consecutive year the association had remained as China’s third largest
trade partner. .
The FM also cited figures showing
that 18 million people travel between China and ASEAN countries annually
with over 1,000 flights between the two sides each week.
Besides, both sides look to step up the upgrading of the China – ASEAN
Free Trade Area and the negotiation of the Regional Comprehensive
Economic Partnership (RCEP) in 2015 with a desire to push their trade
volume up to 1,000 billion USD in 2020, he said.
Also at the session, former Malaysian Prime Minister Abdullah Bin Haji
Ahmad Badawi stated that the ASEAN Community formation will transform
the region into the world’s fourth largest economy.
He said that the ASEAN has proposed to set up a pilot zone for trade and
transportation facilitation and a peacekeeping force to maintain
stability in East Sea.-VNA