DHAKA: China hopes to finish talks on creating an Asian free-trade bloc estimated to cover 28 percent of the world economy by the end of this year.

The country’s trade minister said on Saturday, reports The Straits Times.

Gao Hucheng said on the sidelines of China’s annual session of parliament that China would work hard to wrap up talks for the Regional Comprehensive Economic Partnership (RCEP) before the end of this year.

RCEP, which comprises of the 10-nation Asean club plus six others - China, India, Japan, South Korea, Australia and New Zealand - is a Beijing-backed trade framework that has gained prominence as an alternative to US trade plans.

Asean, or the Association of South-east Asian Nations, groups Vietnam, Thailand, Singapore, the Philippines, Malaysia, Myanmar, Laos, Indonesia, Cambodia, and Brunei.

BDST: 1400 HRS, MAR 07, 2015