The stalemate is still on as the nations included in the Trans-Pacific Partnership are not expecting a conclusion to be met in the negotiations anytime soon. With a ministerial meeting happening in Singapore this month, members of what will be the world’s biggest free trade deal are yet to finalize the deal as both Japan and the United States, both key economies in the deal, failed to reach a conclusion on the negotiations last month.
While many expected progress to happen when US President Barack Obama himself went to Japan last month to discuss this, many were disappointed to learn that further talks are needed to come to a final agreement. The deadlock remains to be because of Japan’s refusal to give up tariffs on key products such as farming produce and automobiles, both the bread and butter of the Asian nation. This has affected widely the negotiations of the 12-nations included in the TPP as they wait for the final outcome of the talks between Japan and the U.S. The countries included in the TPP will meet in Singapore this week to give updates regarding other talks. They are expected to outline other details including regulations on labor, intellectual property and the environment as soon as the deal has been ironed out.
While the negotiations on the TPP are ongoing, a separate summit will be held between the United States, China and the European Union who will sit down to discuss a possible expansion of the World Trade Organization’s Information Technology Agreement. The agreement is a deal which centers on removing duties on certain technological products including personal computers, laptops and cellphones. The United States has been urging China to buckle down on its strict requests. Both the U.S and Europe have called out the Asian power to relax its exemptions to proceed with the negotiations effectively.
[via Global Post]