China to double purchases of agricultural products from ASEAN member countries

To boost economic cooperation with ASEAN, the Association of Southeast Asian Nations, China has offered to increase its imports of agricultural products from ASEAN member countries over the years. Next 5 years.

 

The commemoration of the 30th anniversary of CHINA-ASEAN relations took place during a special Summit which took place online. The 2 parties announced the strengthening of relations which will pave the way for integrated economic ties.

 

On the economic front, President Xi Jinping has proposed several initiatives aimed at strengthening economic cooperation between China and ASEAN. Notably with a new round concerning the China-ASEAN free trade zone as well as with the proposal to buy agricultural products from ASEAN countries worth 150 billion USD over the next 5 years.

 

According to analysts, China will therefore almost double its agricultural imports from ASEAN countries from which China notably buys rice, soybean flour, palm oil and tropical fruits. According to official data in 2020, bilateral agricultural trade reached USD 43 billion, and China-ASEAN fruit and vegetable trade reached USD 15 billion. In 2021, from January to August, fruit exports from ASEAN countries to China exceeded 6.4 billion USD.

 

ASEAN (Association of Southeast Asian Nations) was founded in 1967 by 5 states: Philippines, Indonesia, Malaysia, Singapore and Thailand. These countries were joined by Brunei in 1984, Vietnam in 1995, Laos and Myanmar in 1997 and Cambodia in 1999.

 

 

 

source : globaltimes.cn, wikipedia