The ministers said that the agreement to upgrade the ACFTA reflects the positive relations between the two sides and helps deepen their economic co-operation in a mutually beneficial manner.

They also pledged to expedite the conclusion of the Custom Procedures and Trade Facilitation (CPTF) negotiations and to report progress made to the next AEM-MOFCOM consultations.

China remains ASEAN’s largest trade partner, with two-way trade hitting US$350.5 billion in 2013, up 7.7% from the previous year, accounting for 14% of the bloc’s total trade turnover.

The ministers reaffirmed their commitment to bringing the figure to US$500 billion by the end of 2015, said the statement.

Established in January 1, 2010, ACFTA covers a population of 1. 8 billion, with a total gross domestic product of US$6 trillion and trade reaching US$4.5 trillion. It represents the biggest FTA made up of developing countries in the world.