Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Good progress made on Pacific trade deal despite talks failure - Kerry

Published 04/08/2015, 07:50
Updated 04/08/2015, 07:56
© Reuters. U.S. Secretary of State John Kerry delivers a speech at a university in Singapore

By David Brunnstrom

SINGAPORE Reuters) - U.S. Secretary of State John Kerry said on Tuesday "good progress" was made towards a 12-nation Trans-Pacific trade deal last week, even though negotiators failed to reach an accord in marathon talks in Hawaii.

"As with any complex negotiation ... there remain details to be hashed out," Kerry said in a speech during a stop in Singapore on his way to meetings of the 10 nation Association of South East Asian Nations (ASEAN) in Malaysia on Wednesday.

"Last week in Hawaii, we made good progress in our negotiations," he said adding that countries negotiating the 12-nation Trans-Pacific Partnership (TPP) were "pressing on to work through tough negotiations on even the most sensitive issues."

On Friday, Pacific Rim trade ministers failed to clinch a deal on the TPP - the key economic arm of President Barack Obama's rebalance to Asia in the face of China's growing influence in the region.

The talks on the TPP, which would free up trade in an area covering 40 percent of the world's economy, stalled after a dispute flared up over auto trade between Japan and North America, New Zealand dug in over dairy trade and no agreement was reached on monopoly periods for next-generation drugs.

Singapore and three other ASEAN countries - Brunei, Malaysia and Vietnam - are part of the TPP negotiations.

Even though the Hawaii talks were billed as the last chance to get a deal in time to pass the U.S. Congress this year before 2016 presidential elections muddy the waters, trade ministers remained confident that an agreement was within reach.

Kerry said the trade talks were "nearing completion" and called the TPP "a tangible means of demonstrating America's firm and enduring commitment to the security and prosperity of the Asia-Pacific."

The TPP seeks to meld bilateral questions of market access for exports with one-size-fits-all standards on issues ranging from workers' rights to environmental protection and dispute settlement between governments and foreign investors.

The White House said on Monday U.S. negotiators were working to find common ground with other countries, but also the best deal for Americans, and any deal would have to meet Obama's criteria.

Japan and the United States had largely agreed on the rules of origin for cars, which determine when a product is designated as coming from within the free trade zone and therefore not subject to duties. But they ran into problems trying to get buy-in from Canada and Mexico, which are closely tied in to the U.S. auto industry.

© Reuters. U.S. Secretary of State John Kerry delivers a speech at a university in Singapore

Japanese automakers source many car parts from Thailand, another ASEAN member but not a TPP participant, and strict rules would upset existing supply chains.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.