Pacific trade talks fail to end in deal

Delegates negotiating a huge Pacific free-trade agreement failed to reach a final deal after several days of intense talks in Hawaii, in a setback to US President Barack Obama.
But US Trade Representative Michael Froman, in a statement on behalf of the 12 countries involved, insisted that "significant progress" had been made on the Trans-Pacific Partnership (TPP) agreement.
"After more than a week of productive meetings we've made significant progress and will continue on resolving a limited number of remaining issues, paving the way for the conclusion of the Trans-Pacific Partnership negotiations," Froman told a press conference.
The negotiators were "more confident than ever that TPP is within reach," he said, adding that the Pacific Rim countries involved would continue to have bilateral discussions to try and iron out their remaining differences.

"The progress made this week reflects our long-standing commitment to deliver an ambitious, comprehensive and high-standard TPP agreement that will support jobs and economic growth across the Asia-Pacific region," Froman added.
The TPP -- already eight years in the making -- is the most ambitious trade deal in decades, a vast free-trade bloc encompassing 40 per cent of the world's economy and part of Obama's much-vaunted "rebalance" towards Asia in the face of an increasingly assertive China.

China, notably, is not included.
The press conference was delayed by several hours as countries including Australia, New Zealand, Japan and Canada attempted to thrash out a deal yesterday in what had been billed as the home straight.

The failure by trade ministers to get the accord over the line yesterday are a blow to Obama -- who has faced opposition to the deal from fellow Democrats -- as it could see the TPP become campaign fodder with the United States facing elections in November 2016.
The 12 countries involved have faced criticism for carrying out their negotiations in what opponents have charged is a high level of secrecy.
Critics say the proposals indicate a deal moving more toward protection than free trade; one more about corporate benefits than boosting economies and development.
But backers say the modern global economy needs a new framework of rules to protect intellectual property-dependent 21st century industries that aren't covered in traditional free trade pacts like the World Trade Organisation.

"Good progress was made this week, but a number of challenging issues remain, including intellectual property and market access for dairy products," New Zealand Trade Minister Tim Groser said in a statement, touching on just one of a number of outstanding sensitive issues.