US Trade Chief Urges Japan to Make TPP Concessions

U.S. trade chief Michael Froman urged Japan on Thursday to make more concessions over thorny bilateral issues to break the current deadlock in a 12-country Pacific free trade initiative.

Froman, the U.S. trade representative, said he looks forward to “bold visions at the negotiating table” on the issues of market access in agricultural produce and autos under the Trans-Pacific Partnership deal.

Froman made the remark after he and Akira Amari, Japan’s TPP minister, failed to make progress in their talks on the U.S.-led trade pact in late September in the U.S. capital due mainly to wide gaps over the issues.

The TPP is a “key part” of the structural reforms that make up what Japanese Prime Minister Shinzo Abe calls the Third Arrow of his measures aimed at propping up the Japanese economy, along with aggressive monetary easing and massive fiscal spending, Froman said in a speech in Washington.

The U.S. team handling the TPP is “very fortunate” to have Amari as their counterpart as the TPP negotiator because he is also responsible for the overall economic reform effort in Japan, Froman said.

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