Latest round of negotiations fails to find consensus.
Reuters has reported that negotiations in Hawaii among trade ministers of the 12 countries participating in the TPP have failed to reach an agreement.
Australian Trade Minister Andrew Robb said the problem lay with the “big four” economies of the US, Canada, Japan and Mexico. “The sad thing is, 98 per cent is concluded,” he told Reuters.
Failure to seal an agreement is a setback for US President Barack Obama, given the trade pact’s stance as the economic arm of the administration’s pivot to Asia and an opportunity to balance out China’s influence in the region.
The talks, which drew about 650 negotiators, 150 journalists, and hundreds of stakeholders, had been billed as the last chance to get a deal done in time to pass the US Congress this year before the presidential election campaign.
The negotiators, however, vowed to continue working to find common ground to solve the problems in completing the signing of the world’s largest trade agreement.
Source image: Reuters