China to accelerate negotiations with Japan, South Korea: Commerce Ministry

The Chinese government values the ongoing talks under the Regional Comprehensive Economic Partnership (RCEP) and China-Japan-South Korea Free Trade Agreement, said the Ministry of Commerce on Saturday.

Wang Shouwen, vice-minister of commerce, said at a news conference during the two sessions that China is aiming to accelerate negotiations to reach more free trade agreements this year.

"The 16 members of RCEP account for 48 percent of the entire global population and around 30 percent of the world's entire GDP and trade. It is an agreement of significance," said Wang. "The goal is to reach a comprehensive, high-quality, mutually beneficial and modern free trade agreement."

He said China will hold a subsequent meeting this July on technical issues, including entry permits for commodities, services and investment.

On the China-Japan-South Korea Free Trade Agreement, Wang said the Chinese government looks forward to working with Japan and South Korea to accelerate the progress of negotiation, in order to facilitate regional economy integration, free trade and investment.

"Last December delegates from three countries met in Beijing and agreed to speed up talks," he said. "Last year we had two meetings, and this year there will be three meetings."