TPP_ Broad US-Japan agreement on TPP within sight

TODAY

Broad US-Japan agreement on TPP within sight

Officials planning for talks between the two sides soon, buoyed by impending passage of fast-track authority

Published: 4:16 AM, June 25, 2015
(Page 1 of 2) - 

TOKYO — Buoyed by the impending final passage of a fast-track authority Bill that would pave the way for the White House to conclude the landmark Trans-Pacific Partnership (TPP), Japanese and American officials yesterday are arranging to resume talks between the two largest economies covered in the pact as early as next week, with the hope of reaching a broad agreement by next month.

“I think a ministerial meeting (among the so-called TPP countries) will be held in July,” Japanese Economic and Fiscal Policy Minister Akira Amari told reporters yesterday. “We need to reach a broad agreement in July. I think that is possible.”

According to a Kyodo News report yesterday, sources close to the negotiations between Japan and the United States are making arrangements to resume talks on the free-trade agreement as early as next week.

Mr Amari hailed the vote to advance the fast-track legislation or so-called Trade Promotion Authority (TPA) Bill as a big step forward. He said Japan does not expect a ministerial meeting to be pushed back to August.

However, the minister added that Tokyo would carefully monitor the situation until the TPA legislation takes effect with Mr Obama’s signature.

Once signed into law, Mr Amari expects a ministers’ meeting to be held late next month, where an agreement between the two parties is probable.

Congressional deliberations on trade issues have taken several twists in past weeks because of resistance from many Democrats, who are generally critical of free trade.

The US Congress is expected to vote soon to formally pass the TPA legislation, which would give Mr Obama the authority to negotiate global trade deals that Congress can approve or reject, but not change.

Resolving remaining bilateral issues between Japan and the US, the biggest economies in the TPP, is seen as necessary for the pact’s eventual success.

Both countries have long sought to find common ground over the opening up of Japan’s farm market as well as vehicle tariffs and other trade barriers in the auto sector. (Page 1 of 2)

If there is progress during the planned working-level talks, Mr Amari may meet his counterpart Michael Froman, US trade representative, to cut a bilateral deal.

On a multilateral track, negotiating members still remain apart over the issue of drug-patent protection and other problems.

The 12 countries are expected to hold a chief negotiators’ gathering before a ministerial session.

TPP partners such as Japan have said fast-track is vital to completing the pact, as it gives trading partners confidence that deals will not be picked apart in Congress.

Singapore’s Minister for Foreign Affairs and Law K Shanmugam emphasised last week that if the White House could not reverse that situation, America’s Asia-Pacific partners would be asking big questions about its commitment to them.

The 11 TPP negotiating partners of the US have been effectively holding off on reconvening, waiting for Congress to grant Mr Obama fast-track trade authority, so they can make bolder concessions without worrying that the American legislature can reject or amend them.

AGENCIES

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