US and Japan are Optimistic over TPP Trade Deal

• 04.21.2015, 23:50
•  America,  Asia,  World

The trade deal between Japan and the US sounds optimistic. The talk between these two countries is part of negotiations among 12 participating countries in the Trans Pacific Partnership (TPP), which aims to create a free zone in the Asia-Pacific region, Voanews reports.

 A senior US State Department official said that the deal is directed to "grabbing distance" between world’s largest and third- largest economies that agreed over the bilateral negotiations. It covers trade in car parts and farm products. Negotiations over TPP is about connecting a dozen of economies in the word, to break the trade barriers, harmonize standards of products and services on one third of global trade. Negotiations and agreements between the US and Japan over TPP that has 12 members is vital.

The lastest negotiations were on rice and cars trades trying to narrow the risks over these special products that are strategically important for them. Japan classified some agricultural products as "sensitive" – beef and pork, wheat and barley, sugar, dairy products and rice. Negotiations on rice trade was especially difficult area for compromise, because Japanese start to consume less and less rice and has a significant surplus of its own, Abcnews reports.

According to the Danny Russel, who is the US State Department’s top diplomat for Asia, a trade agreement between Japan and US is almost reached. Summit over the TPP deal between the US President Barack Obama and Japanese Prime Minister Shinzo Abe will be held on April 28.

US is working hard to reach trade deals between Japan in the framework of TPP and between Europe in framework of TTIP, as President Obama was in Berlin on Monday to negotiate with Chancellor Angela Merkel about free trade relations with Europe. In case of TTIP Europe is unlikely to come up with the agreement with its Western partner, because the risk to loss quality control on production in the market is very probable. While, it is not the same in case of TTP, as it is written above the only issues is some clarification towards special products between the US and Japan and the deal can be reached.