China-backed trade pact playing catch-up after US-led TPP deal
16 RCEP countries to present their offers for market opening when they meet in South Korea on Monday
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Seoul
LEFT out of the US-backed Trans-Pacific Partnership (TPP) trade pact struck last week, China and India will approach this week's talks for a huge Asia-wide equivalent with fresh urgency, lest competitor nations steal a march on export access.
Beijing is a key driver of the Regional Comprehensive Economic Partnership (RCEP), a proposed 16-nation free-trade area (FTA) that would be the world's biggest such bloc, encompassing 3.4 billion people. "Member countries will be under pressure to fast-track negotiations for RCEP," said a senior official in India, which is keen to avoid being excluded from major trade accords.
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