ASEAN+3 trade reaches over USD 1 trln. in ’23

Laos' Minister of Industry and Commerce, Malaythong Kommasith revealed Tuesday the trade between ASEAN and its key partners, China, Japan and South Korea, reached more than USD 1 trillion in 2023, representing 32.1 percent of ASEAN's total trade value. This was revealed in Kommasith's opening remarks during the 27th ASEAN+3 Consultation, held in Vientiane, stressing that the Plus Three countries are not only ASEAN's top trading partners, but also the second-largest foreign direct investors. In 2023, foreign direct investment (FDI) from China, Japan and South Korea amounted to USD 42.8 billion, accounting for 18.6 percent of FDI in ASEAN. "Our trade and investment links with the Plus Three countries are solid, and we hope to further strengthen these ties with the implementation of our new economic cooperation plans," added Kommasith. In the meeting, discussions on deepening economic integration, promoting participatory and sustainable development, and advancing digital technology to enhance regional trade took place. The meeting also reviewed the progress of the 2023-2024 economic cooperation plan and discussed new initiatives for 2025-2026. Laos is serving as the 2024 ASEAN Chair under the theme "Enhancing Connectivity and Resilience". Source: Kuwait News Agency