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Pacific Rim Trade Talks Stumble
Efforts to secure agreement on the Trans-Pacific Partnership trade pact stalled on Friday in part over debate related to car and truck tariffs and which products would be covered by the 12-nation accord, Bloomberg News reports.
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Efforts to secure agreement on the Trans-Pacific Partnership trade pact stalled on Friday in part over debate related to car and truck tariffs and which products would be covered by the 12-nation accord, Bloomberg News reports.
Japan wants the TPP to cover components produced by the extensive Asian supplier networks developed by its major carmakers. Mexico, whose domestic auto industry is expanding dramatically, objects. The White House has pushed hard to finalize the deal soon and is eager to reach agreement before next year's presidential elections.
Negotiators note they made "significant progress" in such areas as trademarks and environmental standards. They also suggested the talks may resume by the end of August. Japan's economy minister tells reporters he believes all remaining issues could be resolved in one more meeting.
The TPP member countries are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam.
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