The two sides agreed that the economic-trade-investment link will continue to be the foundation for bilateral ties, and committed themselves to effectively carrying out the 2016-2020 Action Plan and soon completing procedures to upgrade the ASEAN-China Free Trade Area towards increasing a two-way trade to USD 1 trillion and total investment to USD 150 billion by 2020.

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At the event. (Photo: Ministry of Foreign Affairs)

China pledged to support ASEAN’s central role in regional mechanisms and help the bloc carry out the ASEAN Community Vision 2025 and goals on narrowing the development gap, building infrastructure, strengthening connectivity and regional integration, especially via effectively utilizing joint funds between ASEAN and China and funding from the Asian Infrastructure Investment Bank (AIIB).

About the ASEAN-China strategic partnership, countries underscored the need to strengthen regional connectivity, including defining common priorities in China’s Belt and Road initiative and the Master Plan on ASEAN Connectivity. Accordingly, ASEAN asked China to continue providing support for micro, small and medium-sized enterprises (MSMEs), infrastructure building and sustainable development in the region.

Regarding the East Sea issue, participants acknowledged the outcomes of the ASEAN-China SOM on DOC on May 18, including a consensus on submitting the draft framework of a Code of Conduct in the East Sea (COC) to the ASEAN-China Ministerial Meeting in August for consideration and approval.

Translated by Chung Anh