An ambitious Pacific Rim trade pact between the US, Japan and 10 other economies is nearing completion, the top US trade official said on Tuesday as the Obama administration stepped up its campaign to secure congressional authority to conclude a deal.
The comments from Mike Froman, the US trade representative, are another sign that the proposed Trans-Pacific Partnership, which would cover 40 per cent of global economic output, is coming closer to fruition after more than five years of negotiations.
Chief negotiators from the 12 TPP countries are meeting in New York this week while officials from the US and Japan are due to meet separately in Washington to try to conclude their own bilateral discussions over agricultural products and cars.
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