TPP trade talks fail to reach final deal

On Friday, the U.S. Trade Department delayed a scheduled news conference on the progress of negotiations from 7:30 p.m. ET until 10 p.m. ET. The other countries involved are Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.

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.

Its many critics say the proposals indicate a deal moving more toward protection than free trade; one more about corporate benefits than boosting economies and development.

But besides snags over intellectual property protection, the talks appeared stalled over several longstanding disagreements, including Canadian dairy market access and Japanese barriers to auto and rice imports.

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.

Trade ministers were keen to talk up the positives. Harper faces reelection in October, and Canadian dairy farmers are adamant about maintaining decades-old protections that keep prices – and their profits – stable.

U.S. Trade Representative Michael Froman and Japan’s Economic and…

But U.S. negotiators also went into the latest round of talks cognizant that they had some tricky issues to navigate and that there was the prospect that a deal might remain elusive.

The prospect of opening up access to the market has been met by strong opposition from dairy farmers and has even led to protests.

The TPP has sparked demonstrations in some TPP nations and is controversial in the United States.

“The impasse highlights very troubling issues for anyone concerned about the future of the American middle class”.

Most of the 17 Republican candidates have signalled their backing for Obama’s trade push.