SYDNEY -- Trans-Pacific Partnership (TPP) ministers on Oct. 27 announced they had made progress on outstanding market access and rules issues during three days of talks here, and charged their negotiators with making further advances before the TPP ministers reconvene early next month in China.
U.S. Trade Representative Michael Froman said the Transatlantic Trade and Investment Partnership (TTIP) would fall short of a standard-setting trade deal for the rest of the globe if the United States and European Union cannot agree to include investor-state dispute settlement (ISDS) as part of the package.
A senior Australian trade official has stressed publicly that Canberra is seeking a market access deal in the Trans-Pacific Partnership (TPP) that ensures each TPP trading partner reaps the benefits of the lower tariffs parties commit to, even in bilateral negotiations like those between Japan and the United States.
U.S. Trade Representative Michael Froman has all but ruled out the possibility of Trans-Pacific Partnership (TPP) leaders reaching a final TPP deal at next month's Asia-Pacific Economic Cooperation (APEC) summit in China, instead saying the meeting will serve as a chance for leaders to give the "political impetus" to complete a deal soon.
A top-ranking official with the U.S. Chamber of Commerce expressed disappointment over the lack of significant progress in the Trans-Pacific Partnership (TTP) negotiations held in Australia, and warned that the agreement must be advanced in the next few months in order to have a "realistic chance" of conclusion next year.
The outgoing European Commission on Wednesday (Oct. 29) failed to act on nine pending applications to authorize the import of genetically modified commodities, placing the onus on the incoming commission of President-elect Jean-Claude Juncker to take up the politically sensitive issue and likely delaying their approval for many more months.
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Trans-Pacific Partnership (TPP) ministers and negotiators did not discuss how a potential agreement would handle tobacco regulations during two weeks of meetings in Australia, although U.S. Trade Representative Michael Froman this week acknowledged that it remains a divisive issue.
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