While the United States imposes so-called "reciprocal tariffs" and creates uncertainty in global trade, Southeast Asian countries are looking for a stable alternative. At the 46th ASEAN Summit in Kuala Lumpur, China is once again proving to be an increasingly key partner for the region - and a counterweight to US pressure.
ASEAN countries, heavily dependent on exports, are facing significant impacts from US tariffs. Although Washington has announced a 90-day suspension of most tariffs, uncertainty about future US policy persists. ASEAN is therefore strengthening economic integration and diversifying its trade relations, with China acting as a stable and active player.
China and ASEAN cooperate on the basis of free trade areas (CAFTA) a Regional Comprehensive Economic Partnership (RCEP). While the US is pushing for the "desinofication" of supply chains in the region, Beijing, on the other hand, is developing connectivity and interdependence - particularly in the areas of manufacturing, the digital economy and green technologies.
The business numbers speak clearly:
- Trade volume between China and ASEAN reached more than 1.71 trillion yuan ($234 billion), a year-on-year growth of 7.1 %.
- Share of trade with China in total ASEAN foreign trade increased from 11.6 % in 2009 to almost 20 % in 2023.
- China is the second largest investor in the region, with direct investment of over $25 billion in 2023.
ASEAN Secretary General Kao Kim Hourn in an interview reaffirmed commitment to strategic partnership with China, calling for the preservation of open and rule-governed world trade. Meanwhile, President Xi Jinping visited Vietnam, Malaysia and Cambodiawhere he signed a declaration with each country to strengthen trade and investment cooperation.
Version 3.0 of CAFTA brings new opportunities in areas such as artificial intelligence, electric cars, digital markets and clean energy. The aim is also unification of standards and ruleswhich should contribute to greater integration in industry and supply chains.
Nevertheless, ASEAN countries are also expressing concerns about excessive imports of Chinese goodswhich could threaten local industry and employment. Achieving deeper integration will require China continued to open its market and reduce tariff and non-tariff barriers.
In an environment of global trade tensions, this is shaping A new pillar of cooperation between China and ASEAN, which has the potential to be a stabilising element for the whole Asia-Pacific region - extending far beyond the region's borders.
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