China, ASEAN set 2015 as goal for upgrading free trade agreement

China and the Association of Southeast Asian Nations members have set a goal to conclude the negotiations on upgrading the China-ASEAN Free Trade Area by the end of 2015, as both sides are keen to pursue a larger foothold in each other's lucrative markets with more access to foreign goods and investment.

Premier Li Keqiang said China is willing to take part in the CAFTA negotiations on the basis of the pre-establishment of national treatment plus the negative list model, as well as supporting Hong Kong further in talks on building a free trade area with ASEAN countries.

"China will set aside 30 million yuan ($4.9 million) over the next three years to support economic and technical cooperation between the two sides," Li said on Thursday at the 17th China-ASEAN Leaders' Meeting, in Nay Pyi Taw, the capital of Myanmar.