China's Strategic Push: Upgrading Trade Ties with Asean

China aims to finalize an upgraded free trade agreement with Asean by year-end, says Vice Commerce Minister Yan Dong. This initiative includes establishing new land and sea trade corridors. Recent data shows a 22.5% surge in Chinese exports to Asean, surpassing exports to the U.S.

China is making significant strides towards solidifying its trade relationships with the Association of Southeast Asian Nations (Asean). Vice Commerce Minister Yan Dong announced the country's intention to seal a formal signing of an upgraded free trade agreement before the close of the year.

The agreement seeks to bolster economic integration through the establishment of new land and sea trade corridors, linking China more closely with the 10-member state bloc. Yan made these remarks during a news briefing in Beijing, underscoring the strategic importance of these developments.

In recent months, Chinese exports to Asean surged by 22.5% year-on-year, reaching $57.1 billion, positioning Southeast Asia as China's leading export destination in terms of value. This increase contrasts sharply with a significant decline in shipments to the United States, which fell by 33.1% to $31.6 billion.

(With inputs from agencies.)