Results of negotiations in Hawaii to be announced this morning, August 1.
The trade ministers of the 12 countries negotiating the TPP will hold a press conference this morning, August 1 (Vietnam time), to announce the results of the ministerial round of negotiations held from July 28 to July 31 in Hawaii.
The last day of the negotiations, July 31, failed to resolve complex issues including trade in dairy products and monopoly periods for next-generation drugs. Sugar was also an issue of some controversy.
“We are still aiming to conclude the negotiations by the time of the press conference,” Japan’s Economy Minister Akira Amari told Reuters before heading into a plenary session. “Some countries are insisting on enormous demands and that’s the cause of the impasse.”
This round of negotiations is considered the last chance for the parties to come to a final agreement before the US presidential election campaign gets fully underway in the near future.
Negotiations on the TPP began in 2005 and now involve 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
Once signed the TPP will be a free trade area with 800 million people, accounting for 30 per cent of global trade and nearly 40 per cent of global economic output.
Source image: Nikkei