World's biggest trading bloc a step closer to reality after Tokyo meeting

Major obstacles include India's requirement that any agreement to reduce tariffs on goods and services should allow for free movement of people

Asian trade ministers took another step toward creating what could be the world’s biggest trading bloc on Sunday, expressing hope that a deal could be signed by the end of this year.

Ministers from the 16-nation Regional Comprehensive Economic Partnership, which includes China, Japan and India but not the US, met in Tokyo on Sunday to try and thrash out remaining differences.

“The path toward a year-end agreement is now clearer,” said Hiroshige Seko, Japan’s Trade Minister during the joint-press conference held Sunday. “As protectionism concerns increase globally, it’s important that the Asian region flies the flag of free trade.”