Japan Says no TPP Vote in Next Meeting Will Set Partnership Back Years

The Japanese minister in charge of negotiations for a Pacific Rim free trade initiative said Friday that talks on the free trade deal will not be concluded anytime soon if the 12 member countries fail to strike an accord at an upcoming meeting starting late September.

“There is a risk that an agreement will be put off for years” if no deal is reached at the next session, Economic and Fiscal Policy Minister Akira Amari said at a press conference.

A two-day meeting of ministers from the United States, Japan, Canada and nine other nations negotiating the Trans-Pacific Partnership will begin Sept. 30 in Atlanta, as they seek to conclude years of talks on creating one of the world’s biggest free trade zones, a negotiation source said earlier this week.

The new framework would have a significant impact on the global economy, as the free trade zone would cover 40 percent of worldwide output.

The minister referred to a general election in Canada slated for Oct. 19 as a possible challenge that could derail efforts by the TPP members to reach a deal as early as possible. Canada could change its trade policy under a new government that could be established following the election.

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