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Honolulu:TPP negotiations make step forward

Sunday, November 13, 2011

Laaska News  Nov. 13,2011

Leaders of the 9 countries in Trans-Pacific Partnership have agreed on a broad outline of principles of the free trade framework.

The United States, Australia, Singapore, Chile, and other nations taking part in TPP talks made the announcement in Honolulu on Saturday.

The agreements include import tariff cuts in 20 areas, such as investment and intellectual property rights. Officials of those countries’ governments will meet again in December to decide on a schedule for next year’s talks.

US President Barack Obama expressed his aim to reach the final agreement on the free trade pact next year, saying he asked other members to settle it in the coming year.
President Obama noted that every country has items they do not want to abolish import tariffs on, and that agricultural products will be a difficult item to deal with for Japan. But he emphasized the need to accelerate the negotiations to reach the final agreement.

Laaska News.