Economic ministers from 16 Asia-Pacific countries negotiating an alternative trade pact to the floundering Trans-Pacific Partnership acknowledged Sunday no agreement will be finalized by year-end.

Instead, the economic ministers involved in negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement — covering more than 3.5 billion people, or half the world's population, and 30 percent of global gross domestic product and trade — said they will strive to make major progress by November when the leaders of the 16 nations meet in Manila.

Those 16 nations are China, Japan, India, South Korea, Australia and New Zealand, as well as all 10 members of the Association of Southeast Asian Nations.