THAILAND said Sunday negotiations have concluded for a sprawling China-backed regional trade agreement, bringing 16 Asian-Pacific countries involved in the talks closer to signing the pact.

The Regional Comprehensive Economic Partnership, known as RCEP, involves 10 Southeast Asian countries and six other economies: China, India, Japan, South Korea, Australia and New Zealand. Together, they account for nearly half the global population and about a third of the world’s gross domestic product.

“This will significantly contribute to an open, inclusive and rules-based international trading system and expansion of value chains,” Thailand said Sunday at a regional summit held in the capital Bangkok and nearby Nonthaburi.

Negotiators were meeting into the evening Sunday to try to come to an agreement, Thai government spokeswoman Narumon Pinyosinwat told reporters Sunday.

“We don’t have a conclusion yet. Once there is one, it would be announced,” she said. “Commerce ministers are still discussing outstanding issues. The signing is expected around February next year.”

The United States is being represented by a relatively low-level delegation at the multilateral meetings in Thailand, which includes the East Asia Summit. U.S. national security adviser Robert C. O’Brien and Commerce Secretary Wilbur Ross attended.

Progress on the RCEP pact comes nearly three years after the United States pulled out of talks for another large agreement called the Trans-Pacific Partnership. That deal excluded China and was intended to cement America’s economic presence in the region.

RCEP is less ambitious than the TPP, which took effect in December. The new pact includes provisions on trade in services, investment, dispute resolution and intellectual property.

“To me, RCEP is a reminder that the world isn’t waiting on the United States but moving ahead without us,” said Jonathan Hillman, a senior fellow at the Washington-based Center for Strategic and International Studies. “Trade policy is historically an area of U.S. strength, but right now it’s the Achilles heel.”

Thailand said the countries involved in the drawn-out talks are committed to signing the agreement next year. Negotiations have been difficult in part because of concerns in India that Chinese goods could flood the market and dairy imports from New Zealand could hurt the country’s farmers.

Some countries have raised the possibility of moving ahead without India on forming a bloc. But Thai commerce minister Jurin Laksanawisit said Sunday that India had not pulled out.

Some analysts said uncertainty caused by the U.S.-China trade war and slowing global economic growth have increased the urgency for a deal that would reduce tariffs and ease commerce in the region. (SD-Agencies)