Japanese Economy Minister Less Confident on TPP Progress

Japanese Economy Minister Akira Amari played down the prospect of substantial progress in trade talks being announced after a summit meeting between Japan and the United States on Tuesday.

Japanese Prime Minister Shinzo Abe meets U.S. President Barack Obama in Washington.

Japanese public broadcaster NHK said a joint statement after the meeting would probably refer to “substantial progress” in negotiations between the two countries on a trade deal and would talk of them cooperating to move towards an agreement on the 12-country Trans-Pacific Partnership (TPP) trade pact

However, Amari told a news conference: “The most we could expect in a joint statement is to say there is ‘welcome progress’ (on a Japan-U.S. trade deal).”

The trade negotiations between the two are seen as crucial for the wider TPP as their economies account for 80 percent of the group involved in the talks.

Amari said progress had been made on some aspects of the trade talks between the two countries but other aspects were “deadlocked” and he expected the two leaders to instruct officials to make efforts towards an early agreement.

The two leaders are unlikely to discuss details of the trade deal.

via Reuters

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 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