(VOVworld) – Representatives of 16 members of the Regional Comprehensive Economic Partnership (RCEP) convened a new round of negotiations in Kobe, Japan, yesterday, the first round of negotiations since US President Donald Trump announced he was canceling US participation in the Trans-Pacific Partnership.
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Rules over patent rights in the pharmaceutical industry in the Asia-Pacific are among contentious issues to be discussed at a trade meeting in Kobe on Monday.
(photo: Bloomberg)
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With the US now favoring bilateral trade agreements over multilateral agreements, RCEP leaders expect to reach a breakthrough in tax regulations and the large economies support developing economies.
The RCEP negotiations involve 10 ASEAN members and 6 dialogue partners: China, India, Japan, South Korea, Australia, and New Zealand. RCEP members make up 29% of global trade, equivalent to 9,500 billion USD.