Bangkok — Southeast Asian nations say their first draft of a code of conduct with China on the disputed South China Sea is ahead of schedule and may be finished by the end of this year, Bloomberg reported.

The 10-nation group, known as the Association of Southeast Asian Nations or Asean, said the two sides were moving swiftly to complete talks on the text to “reduce tensions and the risk of accidents, misunderstandings and miscalculation,” according to a statement following its regional summit in Bangkok this weekend.

“We warmly welcomed the continued improving cooperation between Asean and China and were encouraged by the progress of the substantive negotiations towards the early conclusion,” according to the statement.