China - Asean Free Trade Area Cooperation In The Economic And Trade Cooperation Under The Framework Of Research

Since the normalization of relations between the two countries in1991, in linewith the friendly and mutual benefit principle, their cooperation in various fields havedeveloped rapidly, especially in bilateral trade, China has been the largest tradingpartner of Vietnam. Establishment of China–ASEAN Free Trade Area (CAFTA) willbring new opportunities for economic and trade cooperation between China andVietnam. This paper takes the economic and trade cooperation between China andVietnam under the frame of CAFTA as research object. On the basis of the system ofChina-ASEAN Cooperation Framework, this paper firstly introduced the developmenthistory of economic and trade relations between China and Vietnam, then from threeaspects which are goods trade, services trade and investment, described the situation ofbilateral economic and trade cooperation and pointed their problems. Establishment ofCAFTA has certain effects on the economic relations of China and Vietnam, bringingopportunities and challenges for both sides, and be conductive to both sides to expandbilateral trade, increase investment, regulate the business mode, settle the disputesfairly. But the two countries also need to pay further efforts on enhancing mutual trustand solving the trade imbalance. At last, this paper gives some suggestions for how todevelop the economic and trade cooperation relationship between China and Vietnam,such as regulating cooperation mechanisms, expanding bilateral trade and investment,deepening cooperation in services trade and constructing the “Two Corridors and OneRing”.