ASEAN, China seek to boost trade through FTA

BANGKOK, August 10 (TNA) – Foreign ministers from the 10 member Association of Southeast Asian Nations (ASEAN) and China have agreed to boost bilateral trade values through the ASEAN-China Free Trade Area and to speed up establishment of the Asian Infrastructure Investment Bank to help promote connectivity within the South East Asian region. Thai acting Foreign Minister Sihasak Phuangktkeow and his Chinese counterpart Wang Yi confirmed the agreements at a joint press conference after the ASEAN-China Ministerial Meeting in Myanmar capital of Nay Pyi Taw on Saturday. Sihasak, who is also Permanent Secretary for Foreign Affairs, said ASEAN agreed on China’s proposal to establish of the Asian Infrastructure Investment Bank to finance infrastructure development with China subsidizing a registered capital of 100 billion US dollar. China also agreed to support development of the Mekong region and will arrange a Lanchang-Mekong discussion, Sihasak said, noting that this will be the first time China taking part in the development of the region. The Thai acting foreign minister said the meeting has also discussed situations in the South China Sea and agreed to speed up conclusion of the Code of Conduct to curb maritime disputes in the area. He said the two sides called for more frequent meetings and measures to prevent frictions in the sea between China and four ASEAN member countries namely Brunei, Vietnam, Philippines, and Malaysia. (TNA)