The latest round of talks on the Trans-Pacific Strategic Economic Partnership Agreement (TPP) is underway in Peru’s capital city of Lima.

Closed-door talks, launched on May 15, were to last till May 24.

It saw the attendance of delegations from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

The talks will focus on provisions relating to intellectual property protection, labour and environmental affairs.

TPP, a multilateral free trade agreement is estimated to account for nearly 40 percent of the global economy.

Established in 2006 with four initial members including New Zealand, Chile, Singapore, and Brunei, TPP aims to set up a common free trade playing field for Asian-Pacific countries.

Mexico and Canada are the newest joining TPP talks, from June, 2012, at the invitation of the US .

The 12th round of TPP talks took place in May, 2012 in Dallas city, the US.-VNA