The United States and Japan agreed on Friday to work more closely to achieve the latter's participation in the free trade agreement known as the Trans-Pacific Partnership (TPP).
The TPP envisions a free trade area of the Asia-Pacific. The proposal is based on the Trans-Pacific Strategic Economic Partnership Agreement between Brunei Darussalam, Chile, New Zealand and Singapore that came into effect in 2006. As of December 2012, the U.S. and 10 other countries are involved in the talks.
"Should Japan participate in the TPP negotiations, all goods would be subject to negotiation, and Japan would join others in achieving a comprehensive, high-standard agreement, as described in the Outlines of the TPP Agreement announced by TPP Leaders on November 12, 2011," the U.S. and Japan said in a joint statement on Friday.
The statement was issued after a meeting between U.S. President Barack Obama and Japanese Prime Minister Shinzo Abe in Washington.
"Recognizing that both countries have bilateral trade sensitivities, such as certain agricultural products for Japan and certain manufactured products for the United States, the two Governments confirm that, as the final outcome will be determined during the negotiations, it is not required to make a prior commitment to unilaterally eliminate all tariffs upon joining the TPP negotiations," they said.
"While progress has been made in these consultations, more work remains to be done, including addressing outstanding concerns with respect to the automotive and insurance sectors, addressing other non-tariff measures, and completing work regarding meeting the high TPP standards," the statement added.
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