President Obama and trade officials from 11 governments will meet in Hawaii next week to discuss the final details of the Trans-Pacific Partnership, which has been seven years in the making. The talks currently involve Canada, Mexico, Peru, Chile, Japan, Australia, New Zealand, Brunei, Malaysia, Singapore and Vietnam.
“It’s first and foremost a trade agreement and has to be justified on economic grounds,” U.S. Trade Representative Michael Froman said in an interview this week. “It obviously has broader strategic implications as well.”
If negotiators reach a deal in Hawaii, U.S. agricultural exporters will benefit from greater access to Japan’s long-protected market. On the other side, the United States will drop tariffs on cars and light trucks, benefiting Japanese automakers. “All countries in Asia want a balance of partnerships and a diversification of markets,” Froman said. “TPP gives them that.”
