Fifth ASEM Economic Ministers' Meeting of Vital importance

Home>>Business

Last updated at: (Beijing Time) Monday, July 14, 2003

Fifth ASEM Economic Ministers' Meeting of Vital importance

DISCUSSION

CHINESE

SEND TO FRIEND

The fifth ASEM (Asia-Europe Meeting) Economic Ministers' Meeting to be held next week in Dalian in northeastern Liaoning province, is of vital importance to China after its victory against the severe acute respiratory syndrome (SARS).

Chinese Minister of Commerce Lu Fuyuan made the remark Monday during an interview with major Chinese media, citing the meeting as the first large, high-level international meeting since the outbreak of the SARS epidemic.

He said during the meeting, ASEM members will draw a clear roadmap specifying major areas and strategies for economic cooperation, which will enhance economic exchanges and trade amongChina and other ASEM members.

The meeting will also be a major international meeting given that it will be first since China's new government assumed power, he said. The successful convocation of the meeting will help to alleviate SARS' negative impact on the country and help restore the international community's confidence in China.

Lu acknowledged that, given the fact that the Doha Round of World Trade Organization (WTO) negotiations has not produced the desired results, the opportunity for ASEM economic ministers to convene and discuss multilateral trade negotiation issues will have a positive impact on the upcoming WTO ministerial level meeting.

Economic ministers will also confer on the establishment of thefree trade zone, the impact of the European Union (EU)'s eastward expansion and free and facilitated trade and investment, which, Lunoted, will in turn boost China's multilateral economic and trade cooperation.

ASEM, founded in March 1996, has a total of 26 members, including three from Asia, namely China, Japan and the Republic ofKorea, seven from the Association of Southeast Asian Nations (ASEAN) and 15 from the EU and the EU commission. And its three ministerial-level meetings are the economic ministers' meeting, the foreign ministers' meeting and the finance ministers' meeting.

Last year, the trade volume between China and ASEM members totaled 287.5 billion US dollars, some 46.3 percent of China's total trade volume, and up 18.8 percent over the previous year.

At present, the EU is China's third largest trade partner, and China is the EU's fourth largest. Japan, ASEAN and the Republic ofKorea are China's first, fifth and sixth trade partners, respectively.

China will reinforce and strengthen its sound economic ties with Asian and European countries via its active involvement in ASEM activities in an effort to boost the domestic market and attract foreign investment, Lu said.

During the meeting, he inferred, efforts will also be aimed to enliven the economy of the old industrial base of Dalian and to further beef up local trade and economic development.

Questions?Comments? Click here

China Urges US to Stop Upgrading Relations with Taiwan ( 28 Messages)

Scholars, or Trouble Makers?--People's Observation ( 12 Messages)

DPRK Refutes South Korea's "Principal Enemy" Rhetoric ( 27 Messages)

Scientific Theory, Great Banner: Commentary ( 6 Messages)

Why Renminbi Not to Be Revalued, Chief Economist of Morgan Stanley ( 7 Messages)

Will Lawmaking on Sexual Harassment Upset Normal Social Life? ( 17 Messages)