Economic Ministers from the ten ASEAN Member States, the People’s Republic of China (“China”), Japan and the Republic of Korea (“Korea”) met virtually on 28 August 2020 for the 23rd AEM Plus Three Consultations. The Consultations were cochaired by H.E. Tran Tuan Anh, Minister of Industry and Trade of Viet Nam, H.E. Zhong Shan, Minister of Commerce of the People’s Republic of China, H.E. KAJIYAMA Hiroshi, Minister of Economy, Trade and Industry of Japan, and H.E. Yoo Myung Hee, Minister for Trade at the Ministry of Trade, Industry, and Energy of Korea.
The Ministers noted that, according to preliminary ASEAN data, total trade between ASEAN and the Plus Three Countries in 2019 reached USD 890.2 billion, representing 31.6 per cent of ASEAN’s total trade. This was a slight increase of 1.5 per cent from the previous year. Meanwhile, total Foreign Direct Investment (FDI) flows from the Plus Three Countries into ASEAN were valued at USD 32.0 billion in 2019, accounting for 19.9 per cent of total FDI inflows into ASEAN.