China hopes for transparent US-led TPP talks

China has been following the talks on the Trans-Pacific Partnership (TPP) and hopes for more transparency in the discussions, Foreign Ministry spokesman Hong Lei has said. Hong's remarks came after the U.S. Under Secretary of Commerce for International Trade, Francisco J. Sanchez, said the United States welcomes China to join the TPP, Xinhua news agency reported on Saturday. The TPP, an Asia-Pacific regional trade agreement, is being negotiated among the United States and 11 other partners -- Canada, Mexico, Peru,Chile, Australia, New Zealand, Vietnam, Malaysia, Singapore, Brunei and Japan. China began talks this month with 15 other Asian countries on a separate trade agreement called the Regional Comprehensive Economic Partnership (RCEP). The pact will include China, Japan, the Republic of Korea, India, Australia, New Zealand and the 10-member Association of Southeast Asian Nations. Hong said China is open-minded about cooperation initiatives that are conducive to economic integration and common prosperity in the Asia-Pacific region, including the TPP and the RCEP. Differences and diversity among Asian economies should be taken into account while pushing forward economic integration in the Asia-Pacific region, he noted The spokesman said all parties concerned should advance the integration process in line with the principle of openness, inclusiveness and transparency and in a step-by-step manner. China hopes concerned parties will set standards of relevant trade agreement in line with the actual situation of international trade as well as the national realities of different countries, said the spokesman. He warned that overly-exacting standards will exclude developing economies from trade agreements, and consequently impact their validity and damage the interests of parties concerned.