Japan Minister Says No More Concession For TPP

Japan’s minister in charge of the Trans-Pacific Partnership free trade negotiations said Sunday that Tokyo cannot make any further concessions to Washington on sensitive issues in TPP talks, after a Japan-U.S. meeting ended without progress.

“We had a very tense discussion on outstanding issues, but we reached no conclusion,” Akira Amari told reporters after meeting with U.S. Trade Representative Michael Froman in Tokyo, suggesting they had focused especially on the issue of how to deal with tariffs on farm products.

But he declined to elaborate, saying the negotiations are confidential.

The talks came in the lead-up to a ministerial meeting slated for Dec. 7 to 10 in Singapore. While the 12 Pacific Rim negotiating countries are aiming to reach a deal by year-end, it is uncertain whether the deadline can be met as differences between Japan and the United States remain as one of the biggest hurdles.

While the U.S.-led TPP aims for the abolition of all tariffs, Japan wants to retain tariffs it imposes on five farm product categories including rice. The United States and other TPP members are putting strong pressure on Japan to further open up its agricultural market.

via Mainichi/a>

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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