Trade between China and the Association of Southeast Asian Nations (ASEAN) rose to 130.4 billion U.S. dollars last year, up 23.1 percent on a year-on-year basis.

The figure was disclosed by Yi Xiaozhun, vice minister of Commerce, while addressing a seminar on implementation of the strategic framework for action on trade facilitation and investment in the Greater Mekong Subregion (GMS). The seminar was held in Kunming, capital of southwest China's Yunnan Province, on Monday.

"After work began on the Sino-ASEAN free trade zone on July 20 last year, leading to tariff reductions for approximately 7,000 categories of goods, China and ASEAN have entered a new stage in terms of economic cooperation and trade ties," said Yi.

The Chinese official said the country made progress in striking agreements with ASEAN members on service trade and investment and promised to expand cooperation and exchange in more fields.

China also made notable progress in its economic cooperation with other GMS countries. The GMS consists of China, Vietnam, Laos, Myanmar, Thailand and Cambodia, with the support of the Asian Development Bank (ADB). The cooperation has been cited as an example in regional economic development in Asia.

Over the past 13 years, more than 100 cooperation projects have been carried out based on the principles of equality, mutual respect, consultation, flexibility, pragmatism and sustainability. The completion of a group of landmark projects has promoted economic and social development and political mutual trust, and added a new driving force to GMS economic growth, according to Yi.

In the last 12 months, the volume of trade between China and other members of GMS was approximately 32 billion U.S. dollars.

Source: Xinhua