How ASEAN sparked Asian trade explosion

World
Europe

‍

This year marks the 50th anniversary of the establishment of the Association of Southeast Asian Nations (ASEAN). From a regional trading bloc to one of the world's economic powerhouses, how did the group of 10 Southeast Asian countries rise up? And what is the bloc's relationship with China?

Trade is at the heart of ASEAN

The Southeast Asian countries agreed to the establishment of the ASEAN Free Trade Area in 1992, with the goal of eliminating trade barriers, and increasing the region's competitive advantage.

The 50th Foreign Ministers’ Meeting /VCG Photo

In 2003, the ASEAN Economic Community was launched. It outlined a vision of economic integration in the region by 2020 and the creation of an EU-style single market and production base.

The members of the group signed the ASEAN Charter in Jakarta in 2008. The charter turned ASEAN into a legal entity and aimed to create a single free-trade area for the region encompassing 500 million people.

In 2013, ASEAN members began the first round of negotiations with six countries, including China, on the establishment of the Regional Comprehensive Economic Partnership.

China has a strategic partnership with ASEAN

China is the largest trading partner of ASEAN and has been strengthening trade ties with the group of 10 Southeast Asian countries.

CGTN Photo

The beginning of the China-ASEAN relationship can be dated back to 1991, and they became strategic partners in 2003.

The China-ASEAN free trade zone was established in 2010. By that time, trade between the two accounted for 13 percent of the world's total trade. Since then, China and ASEAN have been getting closer to each other not just in economic cooperation, but also in politics, securities, and cultural exchanges.

China-ASEAN Expo Culture Exhibition 2017 /VCG Photo

There have continued to be developments in economic and trade ties between China and ASEAN due to the annual China-ASEAN Expo. The first Expo was held in Nanning, Guangxi Zhuang Autonomous Region in 2004. It became an annual event to showcase goods and promote trade for both sides. It is also an exchange platform for China and ASEAN members to strengthen trust with each other.

Top Chinese officials have said ASEAN is always a priority in the country’s foreign policies, and it will always support the bloc taking up a bigger role in regional and international affairs.