The Association of Southeast Asian Nations (ASEAN) on Monday appreciated China's active role in developing transportation infrastructure between the two sides and welcome the establishment of the US$10 billion fund for bilateral investment cooperation.

In April, Chinese Premier Wen Jiabao said that China has decided to set up a US$10 billion "China-ASEAN Fund on Investment Cooperation" to support infrastructural development in the region.

Upon the completion of the ASEAN-China Free Trade Area in January 2010, the ASEAN believed that there is a need to explore ways and means to further strengthen ASEAN-China economic cooperation in all dimensions, said a joint communique released from the 42nd ASEAN Foreign Ministers Meeting.

"We look forward to the signing of ASEAN-China Investment Agreement at the ASEAN Economic Ministers Meeting in August 2009," the communique said.

The ASEAN also welcomed China's plan to provide US$15 billion commercial credit, including US$1.7 billion preferential loans, to ASEAN member states in the next three to five years, the communique said.

(Xinhua News Agency July 20, 2009)