Regional FTA negotiations likely to complete this year - Chinese Premier

Almaty. March 24. Silkroadnews - Premier of the State Council of China Li Keqiang said at the Boao Forum for Asia Annual Conference the relevant parties should try to complete negotiations of Regional Comprehensive Economic Partnership (RCEP) within this year, China daily writes.

RCEP is a proposed free trade agreement (FTA) between the 10 member states of the Association of Southeast Asian Nations (ASEAN) and the six states: Australia, China, India, Japan, South Korea and New Zealand. RCEP negotiations were formally launched in November 2012 at the ASEAN Summit. The final round of negotiation is expected to be held in Laos in September.

“The economic situation is not optimistic, but the confidence cannot be shattered. The region, which has experienced two financial crises, is not what it used to be. Contributing to one third of the world trade last year, Asia still remains the most dynamic region in the world,” - said Li Keqiang.

Last year the developing countries in the region showed 6.5% GDP growth, contributing 44% of global growth, he added.