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.
