The chief U.S. trade official says there will be no major announcement in the next couple of days for the 12-nation Trans-Pacific Partnership trade group, says Reuters. Negotiations are at a standstill due to a U.S.-Japan stalemate on agricultural trade. Officials from TPP nations met over the weekend ahead of the Asia-Pacific Economic Cooperation meeting in Beijing. Reuters quoted U.S. Trade Representative Michael Froman as saying, “There certainly will not be a final agreement, an agreement, a major announcement” when asked about TPP.
There are hopes of reaching agreement on TPP before the end of the year but time is beginning to run short. The United States wants Japan to allow more access to its rice, wheat, dairy, sugar, and pork and beef markets. Japan says it needs safeguards for its agricultural sector.