1. Economic Ministers from the ten ASEAN Member States, People’s Republic of China (“China”), Japan and Republic of Korea (“Korea”) met on 30 August 2018 in Singapore for the Twenty-First AEM Plus Three Consultations. The Consultations were co-chaired by H.E. Chan Chun Sing, Minister for Trade and Industry, Singapore, H.E. Mdm. Gao Yan, Vice Minister of Commerce, the People’s Republic of China (representing H.E. Zhong Shan, Minister of Commerce, the People’s Republic of China), H.E. Hiroshige Seko, Minister of Economy, Trade and Industry, Japan, and H.E. Kim Hyun-chong, Minister for Trade, Korea.
2. The Ministers welcomed the strong global economic growth of 3.7 per cent in 2017, with its positive impact on trade and investment growth. This was reflected in stronger trade growth between ASEAN and the Plus Three Countries in 2017. Total trade increased by 16.1 per cent to USD 807.3 billion, representing 31.6 per cent of ASEAN’s total merchandise trade. Foreign Direct Investment (FDI) flows from the Plus Three Countries into ASEAN were valued at USD 29.9 billion in 2017, accounting for 21.8 per cent of total FDI inflows into ASEAN.