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The ASEAN-China multi-faceted cooperation, especially in the economic field, is of great importance to the international economic integration, a local official told Xinhua Thursday.

 

The relationship, which has comprehensively and drastically developed in such fields as economy, politics and security, meets fundamental and long-term aspiration of the peoples from members of the Association of Southeast Asian Nations (ASEAN) and China, and contributes to improving their mutual understanding, said Do Hoai Nam, chairman of the Vietnam Association of Social Science.

 

The cooperative ties, suitable to the world's common trend of peace, cooperation, and development, also contributes to supplementing resources to each other's development, helping them better adapt to rapid changes of both international and regional situations, said Nam, who is also director of the Vietnam Economic Institute.

 

"The promotion of ASEAN-China cooperation, including the acceleration of the China-ASEAN Free Trade Area (CAFTA) establishment, will be one of effective measures to reduce challenges, and create opportunities for common development and benefits for both sides, especially in the context that the trade protectionism tends to increase for the time being," he said.

 

The two sides hope to complete their negotiations on service liberalization late 2006, a move to set up the CAFTA in 2010, Nam said, noting that the China-ASEAN trade volume is expected to rise to some US$1.2 trillion after the area's establishment from US$72.7 billion in the first half of this year, and more than US$130 billion dollars last year.

 

In 2002, the Framework Agreement on Comprehensive Economic Cooperation was signed between ASEAN and China, kicking off the process of building the CAFTA, which is expected to house 1.7 billion consumers and post gross domestic product (GDP) of US$2 trillion after its establishment, he said.

 

In addition to the CAFTA establishment, China's economic growth is of significance, bringing about opportunities to the development of the ASEAN, which groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, Nam said.

 

"China's development, especially with its annual imports of US$600 billion is a precious opportunity for ASEAN members to boost exports to the big and diversified market," he said.

 

However, the challenges can be dealt with through promoting the bilateral cooperation, he said.

 

On the relations between Vietnam and China, Nam said the bilateral comprehensive cooperation contributes to peace, stability, and development in the region and the world.

 

In the current context, bilateral cooperation is of significance to each country's development, Nam said, adding that learning experiences from China in social science development is Vietnam's first priority.

 

"I believe that the upcoming visit to Vietnam by Chinese President Hu Jintao will bring the two countries' cooperative relations to a new height," he said.

 

On the free trade relations between ASEAN and other countries in the region, Nam said ASEAN is setting up free trade relations with many countries in the region, such as Japan, South Korea, Australia, New Zealand and India.

 

The regional bloc started its negotiations in 2005 on establishing a free trade area with Japan in 2012, and signed a joint statement on comprehensive economic cooperation with South Korea in 2004 aimed at setting up an ASEAN-South Korea free trade area.

 

"The internal cooperation in parallel with external economic relation development, especially with big partners, helps ASEAN become dynamic region and have a new status in international ties," he said.

 

To bring ASEAN's role into full play, it is necessary to improve the bloc's internal integration, strengthen its consensus, increase its institutional capacity, and well prepare internal conditions for rapidly and stably accelerating its conversion from an association to a community, Nam said.

 

"We hold that a powerful ASEAN must be a highly-united ASEAN, so speeding up the process of establishing the ASEAN Community in 2020 and the ASEAN Economic Community in 2015, must be a prioritized target."

 

Vietnam attaches "great importance to the ASEAN's rapid and stable development, and the consolidation and promotion of ASEAN's ties with countries in the region," Nam said.

 

The comprehensive cooperation between China and ASEAN members, stability and development in East Asia are very necessary for Vietnam's development and integration.

 

(Xinhua News Agency October 26, 2006)