Li Keqiang vows China-ASEAN "diamond decade" (2)

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UPGRADING CHINA-ASEAN FTA

To deepen pragmatic economic cooperation, Li proposed "an upgraded version" of the China-ASEAN Free Trade Area (CAFTA), adding that the Chinese side will strive to expand bilateral trade to 1 trillion U.S. dollars by 2020 and increase bilateral investment by 150 billion dollars during the next eight years.

Launched in 2010, the CAFTA has become the world's largest free trade area among developing countries, covering a total population of 1.9 billion.

Cambodian Prime Minister Hun Sen said the China-ASEAN expo has become a solid and successful platform for economic and trade exchanges.

The expo has successfully facilitated the construction of the CAFTA under the framework of strategic partnership, and created various bilateral trade and economic opportunities, added ASEAN Secretary-General Le Luong Minh.

Bilateral trade between China and the ASEAN amounted to 400.1 billion U.S. dollars last year, nearly six times that of 10 years ago. In the first half of 2013, the bilateral trade surged to 210.56 billion U.S. dollars, representing a 12.2-percent increase year on year.

On Tuesday, Li said that China and the ASEAN could consider holding discussions on further lowering tariffs, and the Chinese side is willing to expand imports from the ASEAN and boost free trade and investment.

China is willing to join hands with the ASEAN to advance talks of Regional Comprehensive Economic Partnership (RCEP), and discuss exchanges and interactions with frameworks such as Trans-Pacific Partnership (TPP) Agreement, so as to create an open, inclusive and mutually beneficial climate to "make the two wheels of regional and global trade roll together," according to the premier.

He also proposed that China and the ASEAN deepen cooperation in infrastructure construction and enhance financial cooperation.

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