Mexico Ready to Conclude TPP Talks

BORACAY, Philippines—Mexico is set to conclude talks on a 12-member Pacific trade bloc and says the U.S. Senate’s push to pass a key bill this week suggests the endgame is near.

“Mexico is ready to wrap up negotiations” for the Trans-Pacific Partnership, Mexican Economy Minister Ildefonso Guajardo told The Wall Street Journal Saturday by phone from Mexico.

He said U.S. efforts to pass a key piece of trade procedure legislation, which would remove Congress’s ability to make changes to a deal the 12 nations agree on, is “a very positive sign” for finishing the talks.

The bloc’s founding members have been waiting on final negotiations in part for assurance that a final deal won’t later be subject to amendments by U.S. lawmakers. On Friday, the Senate passed a bill giving President Barack Obama authority to propose trade deals to Congress for legislators to approve or reject, but not amend.

The TPP includes 12 founding members—the United States, Japan, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam—who together account for about 40% of the global economy. The pact, which includes provisions on tariff reductions and rules on intellectual property rights and environmental issues, has been more than five years in the making.

The bill now faces a sterner test in the House of Representatives before it can be signed into law by Mr. Obama.

Source: Wall Street Journal