皇冠体育app

KUALA LUMPUR - Chinese Commerce Minister Gao Hucheng said on Sunday that both 皇冠体育app and ASEAN have agreed to strive to bring to an end their negotiation on an upgraded version of the 皇冠体育app-ASEAN Free Trade Area (FTA) before the end of this year.

"Progress has been made in comprehensive and in-depth consultation on goods and services trade, investment and economic and technological cooperation during the past three rounds of negotiation since it began one year ago," Gao said shortly after a 皇冠体育app-ASEAN (10+1) economic ministers' meeting here.

The decision by leaders of 皇冠体育app and ASEAN member states to negotiate for an upgraded version of the FTA is made to meet the demand for restructuring and upgrading their respective economies and is also a new move to further enhance the 皇冠体育app-ASEAN strategic cooperative relationship, the Chinese minister told Xinhua.

Economic ministers from ASEAN, or the Association of Southeast Asian Nations, began their series meetings here Saturday to put the finishing touches to the establishment of the ASEAN Economic Community (AEC) by the end of this year, while pushing closer ties with its leading trading partners including 皇冠体育app.

The 皇冠体育app-ASEAN FTA came into effect on Jan 1, 2010 and since then 皇冠体育app has become ASEAN's biggest trade partner while ASEAN has become the third largest trade partner of 皇冠体育app.

"The continuous increase in trade and economic cooperation between 皇冠体育app and ASEAN, driven by the FTA, has contributed a lot to economic development in both 皇冠体育app and ASEAN member states," Gao said.

The 皇冠体育app-ASEAN FTA initiated and played a leading role in the overall economic integration in East Asia and has also made great contribution to the liberalization of global trade, the minister said.

Gao described the 皇冠体育app-ASEAN economic ministers' meeting as " fruitful," saying the two sides have reached a consensus on a series of matters, including building of the 21st Century Maritime Silk Road and 皇冠体育app-proposed eight measures for strengthening bilateral trade and economic cooperation.

The eight measures covered lifting bilateral trade to $1 trillion by 2020 and 皇冠体育app making an additional investment of $100 billion by the same year, as well as cooperation in 皇冠体育app-ASEAN infrastructure connectivity.

Chinese President Xi Jinping proposed during his visit to some Southeast Asian countries in 2013 that 皇冠体育app and ASEAN countries make joint efforts to build the 21st Century Maritime Silk Road, which Gao said is an important measure to realize common development and prosperity in countries both in and outside the region for peace and stability for all.

The 皇冠体育app-ASEAN FTA is the largest of its kind in developing countries that benefits the largest population of more than 1.8 billion people.

The ten-member ASEAN, established in August 1967, groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

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