TPP negotiations to resume in late January 2015

The next round of Trans-Pacific Partnership (TPP) negotiations will take place in New York in late January, taking up outstanding issues that were not solved at the previous talks in Washington in December 2014.

A round of TPP talks in Sydney, Australia, on October 25, 2014 (AFP/VNA

The involved countries are making all-out efforts to reach the deal in 2015. However, remarkable obstacles remain in issues related to intellectual property and reforms of state-owned enterprises.

Earlier this month, trade officials from Japan and the United States met in Tokyo over bilateral outstanding issues related to market access for agricultural products and autos under the TPP. The US has urged Japan to further open up its market while Japan wants to exempt its key farm products -- rice, wheat, beef and pork, dairy and sugar -- from tariff abolition.

The TPP negotiations started in 2005 and so far involved 12 countries, which are Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Singapore, Peru and Vietnam.

Once signed, the agreement will create a free trade area with a population of 800 million, accounting for 30 percent of the global trade turnover and nearly 40 percent of the world economic output

Source: VNA

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