Progress Made On Asian Trade Deal

Momentum is building for a U.S.-led agreement in the Asia-Pacific region that would establish a free-trade bloc encompassing almost 40% of the global economy. After nearly five years of talks, representatives of 12 nations said in a joint statement last week that they have “set the stage to bring these landmark Trans-Pacific Partnership negotiations to a conclusion.” The chemical sector strongly supports the pact. An analysis by the American Chemistry Council, an industry trade group, shows that the agreement has the potential of generating $1.2 billion in export growth for U.S. chemical manufacturers. In addition to eliminating tariffs on chemical trade, the pact is expected to stregthen cooperation on regulatory issues in the region. Although the officials did not set a deadline, they said the latest talks have “narrowed the remaining gaps” on the text of the agreement and are accelerating efforts to clinch a deal. The countries involved are the U.S., Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.