Hopes For a BreakThrough at TPP Talks Dim

Hopes for a breakthrough at Trans-Pacific Partnership trade talks in Australia later this month are dim, unless Japan agrees to negotiate tariff cuts on sensitive agricultural goods.
The Sydney Ministerial starting later this week may be one of the last remaining chances this year to jumpstart the stalled TPP talks. Washington trade consultant and Paul Drazek says bi-lateral U.S-Japan market access talks in the last few days, yielded little new progress
Drazek: “There are shifting their focus to Australia for the next set of meetings which will start soon. Then we’ll have to see what happens but I think unless there is a dramatic shift of expectations by either or both the U.S and Japan, I can’t see that there is going to be a deal as a results of the meetings in Australia either.”
But there may be one other possibility in November at the presidential level meet ins of the Asian-Pacific Economic Cooperation — though not a part of TPP directly — it will give key TPP members another high level opportunity to be together.
And what about the slowing global economy and other unfolding world events?
Drazek: “Well it depends a lot on what happens with jobs. What happens with jobs is what usually stimulates politicians to start talking about becoming more protectionist limiting imports here — as well as in other countries. Right now we are seeing stock market troubles and other economic indicators showing some signs of stress.”
He says falling oil prices are not a good sign either. Lower energy demand could signal lower production and export demand—not good for U.S. farm exports, even if Japan suddenly came around.