China, Asean pledge to boost trade ties

Thursday, August 30, 2012
Agencies

SIEM REAP (Cambodia) China and Southeast Asian nations pledged on Wednesday to strive for closer economic ties, setting aside regional tensions over a territorial row in the resource-rich South China Sea.

Trade between China and the Association of Southeast Asian Nations (Asean) jumped to over $200 billion in the first seven months of 2012, up 9 per cent year-on-year, Chinese Commerce Minister Chen Deming said during a meeting with regional economic ministers in the Cambodian tourist hub of Siem Reap.

The business relationship between Asean and China was ‘particularly important’ amid global economic gloom, he said, adding that both sides have ‘a solid basis for cooperation’ and “bright prospects”.

China is Asean’s largest trading partner, while the 10-nation bloc last year overtook Japan as Beijing’s third-biggest trading partner.

“China is willing to be Asean’s good neighbour, good friend and good partner,” Chen said in his opening remarks.

This week’s talks between regional economic ministers marks the first high-level gathering of Asean members since a foreign ministers’ meeting in July ended in acrimony over how to deal with a dispute in the South China Sea.

The tension that hung over those meetings appeared absent from the cordial gathering in Siem Reap, suggesting that Asean members do not want the maritime row to hurt business.