Chinese State Councilor and Foreign Minister Wang Yi meets with diplomatic envoys of the Association of Southeast Asian Nations (ASEAN) countries in Beijing, capital of China, Nov. 8, 2020. (Xinhua/Yin Bogu)

A report celebrating the milestones and achievements of the ASEAN-China Free Trade Area (ACFTA) highlighted the growth of bilateral trade and investment over the past decade, as well as joint efforts to battle the coronavirus and the safeguarding of regional industrial and supply chains. 

The report came after the 23rd China-ASEAN (10+1) leaders’ meeting held online on Thursday, and was published by China’s Ministry of Commerce on its website on Friday. 

The establishment of the ACFTA has strengthened ASEAN and China’s economic relations, the report said. 

China has retained its position as ASEAN’s largest trading partner since 2009. According to ASEAN statistics, the trade in goods between ASEAN and China has more than doubled since 2010, from $235.5 billion to $507.9 billion in 2019.

Despite the COVID-19 pandemic, trade in goods between ASEAN and China from January-September surged by 5 percent, with ASEAN becoming China’s largest trading partner for the first time.

During the ASEAN Business and Investment Summit held online on Friday, Chinese Premier Li Keqiang said China is committed to free trade under the framework of the WTO and regional economic integration. 

"Since the establishment of the ACFTA 10 years ago, the FTA’s content has become richer with its level being upgraded. The Regional Comprehensive Economic Partnership (RCEP), which is expected to be inked during the East Asian leaders’ meeting, will send a positive and clear signal about regional economic integration and economic globalization,” Li said. 

In addition, the 10-year report praised the joint spirit of upholding multilateralism and international cooperation to combat the COVID-19 pandemic, noting that bilateral trade and investment relations remain strong and robust despite the current slow global economic growth. 

"For many years, East Asia has played a vital influential role for the global economy. Under the current situation, we should still take this responsibility. Every country should work shoulder-to-shoulder, hold hands to move together and promote the region’s economic recovery and development,” Li said. 

Cooperation should not only be carried out in advanced technology sectors and among big enterprises, but also among micro, small and medium-sized enterprises, he noted.  

In future, ASEAN and China will continue working closely on the economic front, addressing the issues faced by businesses of both sides, as well as enhancing economic and development cooperation, with a view to contributing to an early economic recovery in the region, and further unleashing the benefits of ACFTA for the people of ASEAN and China in the next 10 years, the report noted.