Premier Li Keqiang met leaders from the Association of Southeast Asian Nations on Wednesday and urged the two sides to start establishing an "upgraded version" of the China-ASEAN Free Trade Area.

Based on booming bilateral business in the past 10 years, promoting trade in goods and services, increasing investment cooperation and advancing trade and investment liberalization and facilitation are among the measures driving relations between the two sides.

The premier said China will strive to increase the bilateral trade volume to $1 trillion by 2020. Meanwhile, mutual investment is expected to hit $150 billion in the coming eight years.