(VOVworld) - Sixteen countries in the Asia-Pacific region have started the 8th round of discussions on the Regional Comprehensive Economic Partnership (RCEP) in Kyoto on Monday.
Participating countries including Japan, China, and India and the ASEAN members will try to cut tariffs on each other’s exports and liberalize investment.
The participants aim to reach a deal by the end of this year. But they have been at odds over tariff cuts.
Japan and ASEAN members have proposed a tax reduction of 80% of export goods while China, India and South Korea just want to cut off 40% to protect their domestic industries.
Australia and New Zealand also aimed at ambitious goals on scrapping tariffs.
The participants planned to conduct ministerial meetings within the next two months to speed up the negotiation process.