THE TWENTY FOURTH AEM-MOFCOM CONSULTATION
24 September 2025, Kuala Lumpur, Malaysia
JOINT MEDIA STATEMENT
1. The Twenty Fourth ASEAN Economic Ministers-Ministry of Commerce (AEMMOFCOM) Consultation was held on 24 September 2025 in Kuala Lumpur, Malaysia. The Consultation was co-chaired by H.E. Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia, and H.E. Yan Dong, Vice Minister of Commerce of China. The Meeting also welcomed the participation of H.E. Filipus Nino Pereira, Minister of Commerce, and Industry, Democratic Republic of Timor-Leste as an observer.
2. The Meeting noted that based on ASEAN’s preliminary statistics, two-way merchandise trade between ASEAN and China stood at USD 772.4 billion in 2024, increasing by 10.6%. Meanwhile, the foreign direct investment (FDI) inflow from China to ASEAN was recorded at USD 19.3 billion in the same year, increasing by 11.4%. These figures placed China as ASEAN’s largest trading partner and third largest source of foreign direct investment last year.
3. The Meeting exchanged views on regional and global economic challenges including the current global trade tensions which have caused uncertainty, impacted supply chain resiliency, and brought significant challenges to businesses, especially micro, small, and medium enterprises (MSMEs), as well as to global trade dynamics. Amidst this backdrop, the Meeting reaffirmed its commitment to upholding an open, non-discriminatory, predictable, transparent, free, fair, inclusive, sustainable, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core. In particular, the Meeting expressed concern over unilateral and protectionist measures and reiterated its collective effort to utilise the WTO for constructive engagement and to seek cooperative solutions to address global trade concerns. The Meeting underscored the importance of fostering closer economic cooperation between ASEAN and China to mitigate the impacts and to refrain from imposing unilateral measures that could heighten uncertainties and exacerbate global economic challenges.
4. The Meeting welcomed the successful convening of the Special AEMMOFCOM Consultation on 20 May 2025 via videoconference. The Meeting further welcomed the conclusion of the ASEAN-China FTA 3.0 Upgrade Negotiations. The Meeting looked forward to the signing of the Protocol to Further Upgrade the Framework Agreement on Comprehensive Economic Co-operation and Certain Agreements Thereunder between ASEAN and the People’s Republic of China (ACFTA 3.0 Upgrade Protocol) which will take place at the sidelines of the 28th ASEAN-China Summit in October 2025. The Meeting noted that the ACFTA 3.0 Upgrade Protocol would deepen commitments in existing areas such as Customs Procedures and Trade Facilitation, Standard, Technical Regulations, and Conformity Assessment Procedures, Sanitary and Phytosanitary, and Economic and Technical Cooperation. It will also introduce new areas, namely digital economy, green economy, strengthening supply chain connectivity, fostering cooperation between MSMEs, cooperation in competition, and in consumer protection between ASEAN and China. The Meeting also looked forward to the timely implementation of the ACFTA 3.0 Upgrade Protocol in order for businesses to reap its benefits as soon as possible.
5. The Meeting welcomed the progress made in the implementation of the Work Programme on Further Deepening ASEAN – China Trade and Economic Cooperation. The Meeting recognised the positive momentum in advancing cooperation across key areas such as digital economy, green development, trade facilitation, and support for MSMEs. The Meeting remained committed to ensuring the Work Programme delivers tangible outcomes that enhance regional integration and contribute to sustainable and inclusive growth.
6. The Meeting also welcomed the progress made in the implementation of ASEAN-China Initiative on Enhancing Cooperation on E-Commerce. The Meeting recognised that this is a timely and strategic effort to deepen digital economic integration and promote inclusive growth across the region.
7. The Meeting noted the successful conduct of the 21st China ASEAN Expo on 24-28 September 2024 and the 22nd China-ASEAN Expo on 17-21 September 2025 in Nanning, China. The Meeting recognised the importance of the business communities to bringing closer people-to-people relation and enhancing cooperation via economic and trade exchange.
8. The Meeting also noted the preparation of the ASEAN-China Seminar on Laws and Regulations related to Trade and Investment and welcomed further discussion on the ASEAN-China Legal Exchange Mechanism for Trade and Economic Cooperation proposed by MOFCOM.
9. The Meeting acknowledged the critical role that the WTO has played in fostering global economic growth and underscored the importance of working together to advance WTO reform to ensure its continued relevance and effectiveness in addressing current and emerging global trade challenges. In this regard, the Meeting expressed its readiness to collaborate constructively in support of a reformed and revitalised WTO that better serves the interests of all members, including developing and least developed countries. The Meeting also expressed its determination to work closely together to deliver pragmatic, development-oriented outcomes at the 14th WTO Ministerial Conference (MC14), to be held in Cameroon in March 2026. The Meeting called for more ASEAN Member States to consider joining the Investment Facilitation for Development Agreement and encouraged Participating Countries to voluntarily implement this Agreement in advance of its entry into force within the WTO framework.
10. The Meeting noted Timor-Leste's continued commitment to the Roadmap for Timor-Leste’s Full Membership in ASEAN and looked forward to the full and effective fulfilment of all the criteria outlined in the Roadmap. The Meeting reaffirmed its support for Timor-Leste’s integration efforts into ASEAN and expressed readiness to provide continued capacity building and technical assistance to facilitate its effective inclusion into the regional economy.
