LAUSANNE, Switzerland (AP) — The international rowing federation reiterated its opposition Thursday to relocating the rowing competition for the 2020 Olympics, saying the approved site in Tokyo Bay is the only suitable venue for the games.

A panel of Tokyo city government experts has recommended moving rowing and canoeing to an existing site in Miyagi prefecture — about 250 miles (400 kilometers) north of Tokyo — after the projected cost for a new venue in Tokyo Bay soared to $490 million, seven times the initial estimate.

IOC President Thomas Bach and Tokyo Governor Yuriko Koike met this week in the Japanese capital and agreed to set up multi-party talks on reducing costs for the games. Bach, however, reminded Tokyo to stick within current venue plans.

"FISA remains of the view that the Sea Forest Water Sports Center is the only venue in Japan which can meet the requirements for an Olympic Games regatta," the rowing body said in a statement .

The federation said it has not been involved in any talks "that might consider other venues outside of Japan." That was a reference to Japanese media reports that rowing could be moved to an existing venue in South Korea if no agreement is reached on a Japanese site.

FISA said it looks forward "to continuing to find financial savings and operational efficiencies for Sea Forest while ensuring a world class field of play for Tokyo 2020."