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TPP trade talks fail to reach final deal
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IANS | 03 Aug, 2015
As differences on outstanding issues remain, the US and 11 other
economies participating in the Trans-Pacific Partnership (TPP)
negotiations failed to reach a final deal.
"We have made
significant progress" during this meeting, but there are still some
issues remaining to be resolved, US trade representative Michael Froman
said on Friday.
This meeting could be the final round of
negotiations on the broad TPP agreement after US Congress granted the
trade promotion authority to president Barack Obama, reported Xinhua
news agency.
That trade authority would allow the US president to
submit trade deals to Congress for an up-or-down vote without
amendments, which is crucial for the swift congressional consideration
of a TPP deal.
But this week's intensive negotiations were more
difficult with key discrepancies in the areas of market access and
intellectual property rights further postponing the finalisation of the
ambitious Asia-Pacific trade deal.
Froman said trade ministers
will continue to engage in the coming period, but there's not an exact
date set for the next round of negotiations.
The TPP, believed to
be the world's biggest trade agreement in the past two decades that
covers about 40 percent of global economic output, is central to the
Obama administration's policy of advancing economic engagement in Asia
and writing the rules for international trade and investment in the 21st
century.
President Barack Obama is under pressure to seal the
deal and get it passed in Congress as soon as possible, securing his
trade legacy before the 2016 US presidential campaign heats up.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
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