Negotiations on Asian free-trade bloc set to be completed this year
Print Edition
CHINA hopes to finish talks on creating an Asian free-trade bloc estimated to cover 28 percent of the world economy by the end of this year, the country’s commerce minister said yesterday.
Speaking on the sidelines of China’s annual session of parliament in Beijing, Gao Hucheng said China will work hard to wrap up talks for the RCEP, or Regional Comprehensive Economic Partnership, before the end of the year.
RCEP comprises the 10-nation ASEAN group plus China, India, Japan, South Korea, Australia and New Zealand.
ASEAN, or the Association of Southeast Asian Nations, comprises Vietnam, Thailand, Singapore, the Philippines, Malaysia, Myanmar, Laos, Indonesia, Cambodia and Brunei.
The United States has been leading negotiations on a US-backed Trans-Pacific Partnership trade plan that involves 12 countries, not including China.
Gao said China was closely monitoring and assessing the impact of the TPP deal on global trade, and that the Chinese government welcomed any trade framework that was open and transparent.
China will “continue to unswervingly push forward and quicken the pace of China’s free-trade agreement strategy,” Gao told a news conference.
Meanwhile, Gao said China and the US have basically completed text negotiation on a bilateral investment treaty.
The negotiation is advancing toward a period of exchanging the negative lists on which foreign investments are restricted by host countries.
Given the US and China, the world’s two biggest economies, have different development levels, national conditions and growth modes, the negative lists exchange will be a challenge to each side.
Despite that, close communication and interaction has been maintained, Gao said.
The completion of talks and the signing of the treaty will have significant implications for global investment rules, Gao said.
With regard to negotiations about a bilateral investment treaty with Europe, Gao said China recently received the negotiation text from the European Union leadership and is preparing its response, he said.
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