But U.S. officials said any setback would be temporary and that the trade accord, which has been under negotiation for six years, was still within reach.
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“If they had taken the more sensible approach and talked the issue through, to understand our proposal and it’s impact properly, while it isn’t certain, there is a chance they would have come at a different decision”.
Involving 12 Pacific Rim countries, TPP covers not only a very wide range of goods and services, but seeks to impose a modernised set of investment rules in the region, in part because the US is seeking to reassert leadership in Asia-Pacific to counter the growing influence of China.
The Obama Administration says the agreement would give the U-S an economic boost and keep high-quality jobs.
Mr. Froman’s team is working hard to finish a deal that would attract broad support without alienating too many U.S. lawmakers, already deeply divided over Mr. Obama’s trade policy.
Reuters reported that the 12 countries negotiating the TPP free trade deal had failed to reach a final agreement with a dispute having flared up over auto trade between Japan and North America while New Zealand dug in over the dairy trade and no agreement was reached on monopoly period for next-generation drugs.
The 12 countries involved have faced criticism for carrying out their negotiations in what opponents have charged is a high level of secrecy. Dairy was a key stumbling block, officials said, with Canada reluctant to bend to pressure from the U.S. and New Zealand to open up its protected dairy industry.
“I am extraordinarily assured that we’ll discover that candy spot and advance the pursuits of environment friendly dairy exporters around the globe, not simply mine, and but discover a approach of coping with the political complexities for these of our buddies across the desk who’re much less aggressive”, Groser stated.
The ministers held their latest round of negotiations at a hotel on Maui’s Kaanapali Beach for four days this week.
Mr. Obama narrowly succeeded in winning congressional approval in June for so-called fast-track legislation, meant to expedite the closure and final vote on the deal, and many Democrats and left-leaning groups oppose the TPP in current form.
“There was never going to be any leeway for New Zealand, but Mr Key and Trade Minister Tim Groser kept working to accommodate their new buddies, the US”, Mr Peters said.
It also joined Australia and Chile in opposing the U.S.’s proposed protection of pharmaceutical companies, according to the New York Times.
Beijing has been negotiating a separate settlement with most of the similar nations that is referred to as the Regional Complete Financial Partnership.
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