All week long economic ministers from 12 nations, including the United States, were holding talks on the proposed Trans Pacific Partnership on Maui.
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The United States and European Union are negotiating a seperate trade deal – the Transatlantic Trade and Investment Partnership – which would create the world’s largest free trade zone.
Trade ministers from a dozen Pacific Rim nations have failed to reach a deal on a new trade agreement that would cover almost 40 percent of the global economy. China, notably, is not included.
The press conference was delayed several hours as the countries attempted to thrash out a deal in what had been billed as the home stretch. The 12 countries involved have faced criticism for carrying out their negotiations in what opponents have charged is a high level of secrecy.
A reseacher who monitors Asian economic, trade and political issues says if officials cannot get a deal done now, they will “kick the can down the road”, and keep working.
“Ministers and negotiators leave Hawaii committed to build on the momentum of this meeting by staying in close contact as negotiators continue their intensive engagement to find common ground”, they said in a statement.
He says some issues are bilateral in nature, and some will involve groups. Canada came under heavy pressure to open its highly protected market from countries including the U.S., Australia, and above all, New Zealand.
US Representative Sander Levin, a Michigan Democrat who attended the talks being held on the island of Maui, said expectations may have been too high given the technical disputes remaining when the meeting began on July 28.
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That trade authority would allow the US president to submit trade deals to Congress for an up-or-down vote without amendments, which is crucial for the swift congressional consideration of a TPP deal.
