No Deal Emerges from Obama-Abe Summit, but TPP Talks Continue

As President Obama’s meetings in Japan concluded Friday, he and Japanese Prime Minister Shinzo Abe issued a joint statement on a number of issues, including the following update on the Trans-Pacific Partnership (TPP) negotiations:

In order to further enhance economic growth, expand regional trade and investment, and strengthen the rules-based trading system, the United States and Japan are committed to taking the bold steps necessary to complete a high-standard, ambitious, comprehensive Trans-Pacific Partnership (TPP) agreement.

Today, we have identified a path forward on important bilateral TPP issues. This marks a key milestone in the TPP negotiations and will inject fresh momentum into the broader talks. We now call upon all TPP partners to move as soon as possible to take the necessary steps to conclude the agreement. Even with this step forward, there is still much work to be done to conclude TPP.

While few specific details have emerged from the bilateral TPP discussions that took place over the past week, news reports stated that progress was made on “parameters” for Japan’s tariffs on beef, pork, dairy, sugar, rice and wheat. Shortly after President Obama’s departure from Japan, a senior administration official offered a further explanation in this press briefing.

USMEF will provide further updates on the TPP negotiations as more details become available.