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Friday, October 21, 2016

U.S., Japan In ‘Grabbing Distance’ Of Pact On Asia Trade Deal

U.S., Japan In ‘Grabbing Distance’ Of Pact On Asia Trade Deal

Washington (AFP) — The United States and Japan are within “grabbing distance” of resolving their differences on a much-awaited massive Pacific free-trade pact, the top U.S. diplomat for Asia said.

Assistant Secretary of State Danny Russel was speaking Monday, just days before Japanese Prime Minister Shinzo Abe is due to arrive on a historic visit to Washington, where he will hold talks with U.S. President Barack Obama and become the first Japanese premier to address a joint session of Congress.

One of the issues at the top of the agenda in his talks with U.S. officials from April 26 to May 3 will be the Trans-Pacific Partnership (TPP), an ambitious 12-nation free-trade agreement including Australia, Japan, Singapore, and Vietnam.

The trade deal would encompass 40 percent of the global economy and has been the subject of protracted negotiations. But it does not include China — the world’s second largest economy.

“TPP is making steady headway. We are within what I would call grabbing distance of an agreement with the Japanese and that’s really the lynchpin to closing” the whole deal, Russel told a New York think-tank.

“Every leader and every trade minister within the 12 is determined to close on this deal this year, and it’s really a very impressive deal, not only in trade terms but in environment and labor as well,” he added in his talk at the Council on Foreign Relations.

Abe told The Wall Street Journal he also believed that a deal was within reach.

“We think that an agreement between Japan and the U.S. is close, but we’re hoping that even more progress will be made,” Abe told the business daily.

U.S. and Japanese negotiators have been holding a marathon session in Tokyo as they bid to close the gaps, which have bogged down on issues including Japanese tariffs on agricultural imports and U.S. access to Japan’s auto market.

“It would be good if I could reach an agreement during my meeting with the president, but when you climb a mountain, the last step is always the hardest,” Abe told the Journal.

“Ultimately, what needs to happen is for both countries to make a political decision” to resolve the differences, he added.

Last week, senior U.S. lawmakers reached a deal to make it easier for Obama to negotiate the massive trade pact.

If Congress as a whole approves the bill, it would grant Obama “fast-track” authority, and give lawmakers the ability to vote to approve or reject the proposed Trans-Pacific Partnership.

But it would prevent them from introducing changes to the accord — described as the largest since the North American Free Trade Agreement.

Photo: © / Yoshikazu Tsuno

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  • The lucky one

    “U.S. access to Japan’s auto market” Does anyone really think the Japanese will be buying American cars when they have access to the far superior Honda, Subaru & Toyota brands?

    Abe is right though “it’s really a very impressive deal, not only in trade terms but in environment and labor as well” From the corporate standpoint of reduced accountability for environmental degradation an cheaper labor it is very impressive indeed. The TPP is a good example of bipartisanship in government is no great thing when both sides are crooks.

    • johninPCFL

      Japanese buy American cars as status symbols. Hummers, Cadillacs, and Navigators are popular and will sell well there. Since they are among the most profitable makes, one presumes that they will show up on the bottom line.

  • 1standlastword

    Just when I thought it was bad leave it up to the corporate gangsters to impress me with yet another nightmare scenario worse that my worse fears. TPP will enrich the rich impoverish the American working and middle classes and in one hundred years the planet will be ravaged as this greed fest will ramp up consumerism on a scale never seen before on the planet Earth. see Wiki Leaks for the “investment chapter”. I hope this fails!! And it proves Obama is no socialist and far less a man of his word regarding the promised transparency which is what the American people should demand regarding TPP and pronto!

    • JPHALL

      You forget that Obama is not the negotiator nor does he have final say on the agreement.

      • 1standlastword

        He is the primary supporter and spokesman. If the likes of Liz Warren and Bernie Saunders can’t interfere enough to thwart the vote count and the up till now do nothing congress grants authority to fast track this will be the beginning of a seismic shift of domestic and foreign economic policy.

        Paul Ryan is the torch bearer on the republican side and if he’s crowing about how wonderful and absolutely necessary it is that should tell us how harmful it really is.

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