Japan To Stand Ground on TPP Says Abe

Prime Minister Shinzo Abe expressed his resolve Thursday to achieve an early conclusion of the Trans-Pacific Partnership free trade talks, but he also said Japan will not easily concede to the United States in key parallel talks.

“We are having tough talks with the United States in the areas of agriculture and automobiles…We will not make any easy concessions,” Abe said in a speech at a meeting of corporate executives and public policy experts, in which he also said his “Abenomics” stimulus policy mix will fail unless smaller companies regain sufficient confidence.

Japan and the United States, two leading members of the 12-nation TPP talks, which also involve Singapore and Australia, have been struggling to resolve their differences over tariffs and other issues in bilateral talks in parallel with the full TPP negotiations.

Without a deal between the two major economies, the TPP countries failed this month at a ministerial meeting to achieve a broad agreement on a free trade area that would account for around 40 percent of global economic output, as aimed for by the 12 members’ leaders in October. They will continue talks into next year.

“We must resolve every issue for ambitious targets,” Abe said, suggesting it will require the leaders of the negotiating countries to make political decisions at the very last stage of 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