BEIJING -- China hopes to achieve win-win bilateral investment treaties (BIT) with the United States and the European Union as early as possible, China's Minister of Commerce Gao Hucheng said Sunday.

BIT negotiation between China and the United States began in 2008. It has come to "substantive negotiation stage" after 24 rounds of talks and the two sides are discussing a negative list, Gao said.

Rapid progress has also been made on BIT negotiation between China and the European Union, said the minister on the sidelines of the parliamentary annual session.

The treaties will create a favorable environment for China to open wider to the outside world and use foreign investment, he said.

China will also accelerate talks with the United States and the European Union on free trade agreements (FTA), he said, adding FTAs with such developed economies are conducive to establishing a high-standard foreign investment mechanism in China.