BEIJING, March 7 -- China is open to all free trade arrangements as long as they are open and transparent, and is keeping tab on TPP and TTIP, Commerce Minister Gao Hucheng said Saturday.

The Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership involve parties that account for 60 percent of the world's gross domestic product, said Gao, who was asked about the partnerships at a press conference during China's legislative sessions.

Once the agreements of TPP and TTIP are reached, they will have major and far-reaching impacts on the world, Gao said.

China is open to all the free trade arrangements that are benefitial to the world's trade liberalization and regional economic integration, as long as they are open and transparent, said Gao.

China has established information sharing mechanism with the United States and the EU regarding negotiations about TPP and TTIP, and the mechanism has been going well, said Gao.

China will continue to study and assess their impact on regional and global levels, and in the meantime pursuing and acclerating China's own free trade zone strategies, said Gao.