Posted May 8, 2014
 
Japan and the United States reached a basic agreement in the Trans-Pacific Partnership trade negotiations, described as “a path forward” in a joint statement by the governments, according to an article by The Japan News available here.
 
While no formal agreement has been achieved, negotiators “reached a broad agreement during the bilateral working-level talks, after discussions on topics including the key five categories of agricultural products, one of which is beef and pork and another of which is rice, as well as safety standards on vehicles.”
 
Ministerial talks among the TPP countries in May are intended to conclude the negotiations.
 
The countries reached “substantial agreement to drastically reduce tariffs on beef, pork and dairy products, while tariffs on rice, wheat and sweeteners – such as sugarcane – can in principle be maintained a current levels.”
 
Japan is likely to lower tariffs on U.S. dairy products and “then set up a new special quota for U.S. dairy products, which will be imported with low tariffs.”
 
 
Although, President Obama left Japan without an agreement, his advisers are emphasizing the progress made on the trade agenda, according to a Bloomberg article available here.  “It’s one of the most important things that we’re undertaking,” Commerce Secretary Penny Pritzker said of the TPP.  “The TPP agreement is foundational for our economic growth.”
 
U.S. Trade representative Michael Froman also spoke on the TPP, saying it is gaining “good momentum” but negotiations are “complex and take time,” according to FarmPolicy.com here.

 

For more information on international trade, please visit the National Agricultural Law Center’s website here.
 
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