|US Envoy Wagar Declares Indefinite Delay of TPP Talks|
|by Tom McGregor||Thu, Oct 30, 2014, 12:01 AM|
U.S. Envoy to Singapore Kirk Wagar has granted the green light for an indefinite delay on Trans-Pacific Partnership trade negotiations.
According to Channel NewsAsia, "The negotiations for the Trans-Pacific Partnership (TPP) may be slow and laborious, but the timeline for the implementation of the ambitious free trade agreement should not be an issue as it is set to be a game changer for regional economies, United States Ambassador to Singapore Kirk Wagar said on Wednesday (Oct 29)."
Wagar is quoted as saying that, “When you have 12 parties ... you want to try and get the details right. The reason why it’s taking so long is because it’s an agreement that people expect to be bound by. This isn’t just some ceremonial agreement, it’s one that will raise the standards of trade for this region.”
As reported by Channel NewsAsia, "When completed, the TPP will remove trade barriers between 12 regional economies, including the US, Japan, Australia, Singapore and Malaysia. But issues over market access to key industries in individual nations – such as the tussle between Japan and the US over the automotive industry – remain a major hurdle."
Wagar is hinting that the TPP may never get signed.
To read the entire article from Channel NewsAsia, link here: