Japan-US negotiations key to TPP agreement

06/01/2014 12:00 - 446 Views

Japanese negotiators are hoping to iron out contentious issues with their US counterparts ahead of the next round of the Trans-Pacific Partnership free trade talks.

The 12 participating nations are arranging to hold ministerial talks in February, after failing at a meeting in Singapore last month to conclude the TPP deal by year-end.

Japan hopes to exempt 5 key agricultural items, such as rice and wheat, from a list of items under discussion for the elimination of tariffs. But many other countries say the talks should deal with all agricultural products.

The US government wants all tariffs removed in principle, even if it takes more than 10 years.

In response, Japan proposed a system in which lower tariff rates will be applied to a certain amount of products from among the 5 key items.

But the 2 countries have yet to narrow their differences.

Japanese officials want to proceed with their discussions with the US, as negotiations between the 2 big economies have a major impact on the progress of the entire trade talks.

Source: NHK