NANNING, Sept. 16 (Xinhua)-- China expects an upgraded China-ASEAN Free Trade Area (CAFTA) as well as promises initiatives to boost its high quality as well as performance, Chinese Vice Premier Zhang Gaoli said on Tuesday.
"We welcome the official launch of the negotiation between the two sides on upgrading CAFTA," Zhang said. He said he hopes the working plan for the next stage will be determined as soon as possible.
"We should open the market wider, reduce tariffs, and carry out a new round of negotiation on service trade commitments," he said.
He said he anticipates initiatives to promote company exchanges and also put down a structure for the Regional Comprehensive Economic Partnership (RCEP) as well as various other local open market arrangements.
He additionally proposed teamwork agreements on medium-sized and also tiny ventures, electricity, environment and lasting development, in addition to on deepening economic, profession and financial investment cooperation.
China aims to elevate bilateral field with ASEAN to 500 billion U.S. dollars by 2015 and also one trillion U.S. dollars by 2020.
Zhang said China urges domestic business to buy ASEAN countries and invites firms from ASEAN to establish industrial parks in China.
China is additionally going to discuss with ASEAN nations concerning determining cross-border financial cooperation areas in perimeter locations to make perimeter areas a bond that integrates the interests of both sides, Zhang included.
China is ASEAN's biggest trading companion, while ASEAN rates as China's third-largest trading partner.
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