Senior Vice President of Thailand's Kasikorn Bank, Wichai Kinchong Choi, said on Tuesday that he believes bilateral trade between China and member countries of the ASEAN region have the ability to boost activities that propel the world's economy.
In a recent interview with Xinhua that the news outlet released on Sunday, Wichai said markets in China and the ASEAN region have become crucial for both parties. He said the potential for improved trade and cooperation from both sides "is so huge."
For Wichai, China and ASEAN member nations should cooperate more closely so trade between the two sides can help sustain growth in the world economy. The Thai expert's sentiments echo the latest data, indicating booming exchange in the region.
Customs data from the Chinese government revealed that ASEAN trade with China saw a hike of 10.5 percent in the first six months of 2019. The figures were propelled largely after the China-U.S. trade dispute kicked off last year.
As of June 2019, China-ASEAN trade numbers stood at 1.98 trillion yuan or an estimated $288 billion. Thailand, in particular, is among the ASEAN countries that have been growing its exchange with the world's second-largest economy.
Wichai pointed out that there are now many Chinese companies doing business in Thailand. "They bring new technology, investment, the experience here while Thai companies, encouraged by the Thai government, kept exploring the Chinese market," he explained.
Aside from heaping praises on the developments in trade between China and the ASEAN region, Wichai noted that the efforts of the two sides to shun unilateralism and protectionism helped improve trade and business exchange.
Thailand isn't the only ASEAN member nation that has improved trade relations with China over the years. Malaysia is another country that has been working in harmony with Chinese markets.
Durian exports are expected to help boost Malaysia's economy as China's purchases could reach around 500 million Malaysian ringgit or $120 million. The country is also looking to export petrochemical products and other goods to the Chinese market.
After Malaysia and Thailand, China is also working to improve its relations with the Philippines. The Philippine Statistics Office (PSA) revealed that last year, Chinese importers purchase 1.165 million tons of bananas from Philippine farmers. The figures account for a massive 56 percent hike from the previous year.
During last month's 34th ASEAN Summit in Bangkok, Thailand, Prime Minister Prayuth Chan-o-cha noted that while the region is currently the sixth-largest economic zone in the entire world, it has been forecasted to jump to the fourth spot.
Prayuth's comments echoed economist forecasts about increased trade between ASEAN member nations and China potentially driving growth in the world's overall economic development.
