China to ink FTA with Sri Lanka

  Dec 30, 2015 (LBO) - China will have discussions with Sri Lanka next year on a proposed Free Trade Agreement (FTA) in a bid to build stronger trade and investment ties, a foreign news report said. Gao Hucheng, the Chinese Minister of Commerce was quoted on Chinese news agency Xinhua as saying that China will also step up negotiations next year on the Regional Comprehensive Economic Partnership, as well as the free trade agreement between China, South Korea and Japan. Due to fast-growing manufacturing and service industries, China received 620 billion dollars in Foreign Direct Investment during the 12th Five-Year Plan period (2011-15), up 30 percent on the previous five-year plan. ODI grew 14.2 percent over the same period, the report said. Ministry spokesman Shen Danyang said the Belt and Road Initiative, which aims to improve regional connectivity between Asia, Europe and Africa and involves big-ticket infrastructure projects, has contributed to ODI growth this year. The initiative, proposed by President Xi Jinping in 2013, includes the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and covers about 4.4 billion people in more than 60 countries and regions.