China aims to expand FTAs

(ECNS) China is poised to expand its high-standard free trade zone network, with a focus on accelerating its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and advancing negotiations with multiple countries, the Ministry of Commerce said on Friday.

Building on the foundation of previous exchanges with all CPTPP members, China will continue to engage in bilateral consultations to drive forward the accession process, said Li Yongjie, the ministry’s deputy International Trade Representative, at a news conference held by the State Council Information Office.

The country is also committed to expeditiously concluding the Version 3.0 China-ASEAN Free Trade Area and negotiating or upgrading FTAs with countries such as Honduras, El Salvador and New Zealand, Li said.

Furthermore, China will intensify efforts to promote the China-Japan-Korea FTA, as well as free trade cooperation with the Eurasian Economic Union, Norway, Switzerland and Bangladesh, among others, Li added.

The goal is to conclude FTAs with more willing countries and regions, aiming to increase the trade volume with FTA partners to around 40 percent of China’s total foreign trade by 2030, Li said.