US, Japan Agree To “Inject New Momentum” Into TPP Talks

Japan and the United States today announced their renewed commitment to an ambitious Trans-Pacific Partnership (TPP) agreement. The statement from the bilateral leaders’ meeting followed reports that bilateral talks toward the TPP were stalling.

The White House statement reads:

“The United States and Japan also coordinate closely in multilateral financial and economic fora to advance trade liberalization and promote economic growth. Our joint efforts are grounded in support for an international economic system that is free, open, and transparent, and embraces innovation. 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.”

Today at the annual Fordham IP Law Conference in New York, Stan McCoy, until recently a US negotiator in the TPP and at the Motion Picture Association in Brussels, said he thinks there is a “low probability” concluding the TPP before the US congressional elections in November this year.