Business / Economy

Li vows to wrap up RCEP talks

By Zhao Yinan in Boao, Hainan ( Updated: 2014-04-10 11:53

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Premier Li Keqiang pledged on Thursday to wrap up ongoing talks on a Regional Comprehensive Economic Partnership (RCEP) by 2015.

Li said the RCEP, an international organization that has most member countries, integrates existing free-trade agreements with a high level of compatibility.

"The principles of the RCEP are in line with the Asian industrial structure, economic pattern and social conventions," he said.

Li said China holds an open attitude toward the Trans-Pacific Partnership Agreement, although it should not contradict the multinational principles of the WTO.

The fourth round of RCEP talks began this month in South China's Guangxi Zhuang autonomous region, with a focus on tariff concessions, service and investment liberalization.

During the previous three rounds of talks, seven working groups were established for detailed cooperation. The groups cover goods trade, service, investment, economic and technological cooperation, intellectual property rights, competitive policies and dispute settlement.

RCEP member countries cover 50 percent of the world's population and constitute 30 percent of global GDP and trade volume.

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