US Points To Progress In TPP Negotiations

A statement from the Office of the United States Trade Representative has disclosed that the nine countries involved in negotiating the extended Trans-Pacific Partnership (TPP) – the United States, Australia, Peru, Vietnam, Malaysia, New Zealand, Chile, Singapore and Brunei – have made progress in a further round of negotiations in Chicago.

It was confirmed that, during the ten days of talks, negotiators have sought to make progress on the legal texts of the more than 20 chapters of the TPP agreement. With additional text put forward, there are now consolidated texts in most areas. Many chapters, including customs, technical barriers to trade, telecommunications, government procurement, and the issues of small- and medium-sized enterprises, regulatory coherence, competitiveness, and development, are moving toward closure.

Progress has also been made on texts for more complex chapters such as intellectual property and investment, while negotiators sought to make progress on the packages for access to industrial, agricultural, and textile and apparel products as well as to government procurement markets.

The detailed negotiations require agreement by each country on the trading on some 11,000 tariff lines, as well as the rules of origin associated with them; trade and investment in all service sectors, from telecommunications and financial services to energy, professional and distribution services; and reciprocal access to government procurement markets. Progress was made, but the TPP teams are still looking for improvements in the packages.

Negotiators have been directed to reach the broad outlines of an agreement by the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting in Honolulu in November this year.

September 22, 2011

Source: lowtax.net