China aims to finalize enhanced free trade accords with ASEAN nations by the end of this year

In a significant development, China's exports to the Association of Southeast Asian Nations (Asean) have seen a substantial increase, with Southeast Asia becoming China's top export destination by value last month. According to data released before the announcement made by Chinese Vice Commerce Minister Yan Dong on September 8, Chinese exports to Asean increased by 22.5 percent compared to the same period last year, totaling US$57.1 billion. In contrast, Chinese exports to the US decreased by 33.1 percent, reaching US$31.6 billion.

The announcement, made at a news conference in Beijing, China, also highlighted that China is aiming to sign a free trade agreement upgrade with Asean before the end of the year. The leader of the People's Republic of China who declared this intention is Xi Jinping. However, it's important to note that the increased trade with Asean is not explicitly mentioned as part of the planned free trade agreement upgrade, but it is a current trend.

Prior to this, the decrease in exports to the US had a significant impact, with exports falling by 33.1 percent compared to the same period last year. The data does not specify the exact products or commodities that were exported to Asean or the US. Additionally, the data does not provide information on any potential changes in trade patterns in the future or on imports from Asean or the US.

In a related development, China plans to construct new land and sea trade corridors with the 10-member bloc of Asean. The value of Chinese exports to Asean in US dollars is RM215 billion. The data provided is for the month that occurred before the announcement made by Yan Dong on September 8.

The news conference took place in Beijing, China, where Yan Dong, the Chinese Vice Commerce Minister, made the announcement. The 10-member bloc referred to is the Association of Southeast Asian Nations. It's worth mentioning that the data does not provide information on imports from Asean or the US.

This shift in China's export focus towards Asean is a notable development in the global trade landscape and is expected to have far-reaching implications for both regions. As more details emerge, it will be interesting to see how this trend unfolds and what impact it may have on the global economy.

China aims to finalize enhanced free trade accords with ASEAN nations by the end of this year