TPP Ministers Aiming for Year End Deal

Ministers in the ongoing Pacific free trade talks said Monday the ambitious initiative is taking shape after their three-day meeting in Sydney, but some contentious issues still need to be resolved before a deal is clinched, with the trade chiefs expected to meet again next month.

The shape of a Trans-Pacific Partnership deal is “crystallizing,” the ministers said in a joint statement issued after their first gathering since May, adding they “will meet again in the coming weeks.”

Australian Trade and Investment Minister Andrew Robb signaled they will gather in Beijing on the sidelines of the Asia-Pacific Economic Cooperation forum next month, but remained mum about whether a TPP leaders’ summit will also take place in the Chinese capital.

“We are seeing great preparedness to make some of the difficult decisions, a willingness to compromise to get to the final decisions,” Robb told a joint press conference.

But “there is a lot of work to be done between now and the APEC,” he added.

U.S. President Barack Obama said earlier he wanted a document adopted on the ambitious free trade pact in time for his trip to the Chinese capital.

While the ministers largely emphasized advances in the talks, already in their fifth year, Japan and the United States failed to reach a much-awaited bilateral agreement seen as vital to advance the broad 12-country negotiations.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza