Myanmar is ready to finalize the nationwide cease-fire agreement and is waiting for the outcome from the ethnic summit, Myanmar President U Thein Sein said Monday.

With all parties agreeing that the only way to resolve armed conflict is through a political solution, U Thein Sein pledged in his regular monthly radio speech to the nation's best efforts to begin a political dialogue as soon as possible.

U Thein Sein stressed that the upcoming 2015 general elections will be a defining moment for the country's democratic transition, urging political forces and the people to do what they can to ensure the successful holding of the elections and the success of democratic reform.

Myanmar ethnic leaders' summit begun in Panghsang, the self-administered zone of the Wa ethnic group in northern Shan state, last Friday to discuss and seek the adoption of a draft nationwide cease-fire accord (NCA). 

The draft was initially signed between peace negotiators of the government and ethnic armed groups at the end of March this year.

The six-day summit of ethnic leaders includes leaders of 12 invited armed groups like the Kachin Independence Organization (KIO), Karen National Union (KNU), United Wa State Army (UWSA) and National Democratic Alliance Army (NDAA).

Also attending were the leader of the ethnic groups' National Ceasefire Coordination Team (NCCT), U Naing Han Thar, and his deputy, Padoh Kwe Htoo Win.