Tokyo Feb 27 (IANS) The 16 Asia-Pacific countries of the Regional Comprehensive Economic Partnership (RCEP) on Monday began a new round of meetings in Japan with an aim to build a free trade area to substitute the Trans-Pacific Partnership (TPP).
The participating nations -- which include Asia s four largest economies (China Japan India and South Korea) along with Australia and New Zealand -- will hold the first meeting since the US opted out of the TPP Efe news reported.
The 16 countries including seven TPP signatories aim to conclude the negotiations which started in 2013 as soon as possible Japanese government officials said.
For the TPP to come into effect it needs to be ratified by countries that represent at least 85 per cent of the bloc s total economy of which the US alone accounts for 60 per cent.
The RCEP brings together the ten countries belonging to the Association of Southeast Asian Nations -- Indonesia the Philippines Singapore Thailand Brunei Vietnam Malaysia Laos Myanmar and Cambodia -- and Australia South Korea India Japan New Zealand and China.
For now the 16 participants have reached accords on matters such as technological cooperation and information exchange between small and medium-scale enterprises.
The new round of talks will focus on deregulation of investments and trade in services and will continue until March 3.
--IANS
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Alternative trade accord talks begin in Japan
