Last-minute progress: TPP nations seen reaching basic agreement

Last-minute progress: TPP nations seen reaching basic agreement

ATLANTA — Following days of intense negotiations, 12 nations of the Asia-Pacific region are set to reach a basic agreement on a major trade deal, Japanese Economic and Fiscal Policy Minister Akira Amari said Sunday.

     The U.S., Australia and others had been deeply divided over such issues as pharmaceuticals and dairy products, prompting trade ministers to extend their talks to a fifth day.

     “There was major progress over the outstanding issues of pharmaceuticals, dairy products and place-of-origin rules for automobiles,” Amari told reporters here on Sunday.

     If the nations reach a basic agreement, they are expected to sign the accord as early as the beginning of next year. The Trans-Pacific Partnership would take effect after it is ratified by each member nation.

     Under the TPP, most tariffs will be eliminated between members, giving rise to a huge economic zone accounting for roughly 40% of global gross domestic product.

Last-minute progress: TPP nations seen reaching basic agreement