**** Lew promotes growth on Asia-Pacific swing
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**** Lew promotes growth on Asia-Pacific swing
Admin Mon Nov 11, 2013 10:39 pm
November 11, 2013
Treasury Secretary Jack Lew highlighted on Monday the importance of U.S. engagement in the Pacific Rim with the goal of boosting demand and rebalancing global growth.
Lew will spend this week traveling around the Asia-Pacific region, stopping in several nations that are a part of the 12-nation Trans-Pacific Partnership (TPP) trade talks.
"I am here in Asia this week to deepen our cooperation to increase demand, provide shared benefits throughout the global economy and level the playing field for our workers and businesses," he wrote in a Wall Street Journal op-ed on Monday.
He called the TPP "the cornerstone of our shared growth agenda" and said it is envisioned as a "living agreement" that other Asia-Pacific economies can eventually join.
Lew will meet with government and business leaders in Tokyo on Tuesday, Singapore on Wednesday, Malaysia and Vietnam on Thursday and Beijing on Friday, Treasury Department officials said last week.
"With emerging economies playing an increasingly large role in the global economy, we must move away from a pattern of global growth that is built on the U.S. being the world's importer," he wrote.
In Japan, where Prime Minister Shinzo Abe has promised three arrows of reform, Lew is expected to discuss the nation's need to strengthen domestic demand, avoid a reliance on exports and continue to respect G-7 and G-20 commitments not to target exchange rates.
"Structural reforms and a carefully calibrated fiscal adjustment will be key to supporting the ongoing recovery in demand so that Japan can realize lasting growth," Lew wrote.
The United States and Japan are engaged in parallel negotiations over the TPP agreement with the result of those talks — designed to pry open Japan's market to more U.S. goods and services — being included in any final trade deal.
Obama administration officials said an agreement will provide better access to decades-long issues that need to be addressed in Japan.
Leaders from the TPP nations, which include Malaysia, Japan, Vietnam and Singapore, said at a Bali summit last month that the goal is to complete an agreement by the end of the year.
Lew said that as the global economy continues its recovery, "it is all the more important for Asia's surplus economies to draw on domestic sources for growth and move toward greater exchange rate flexibility."
Exchange rates will be a big topic of conversation throughout Lew's swing around the region. A majority of lawmakers in Congress have urged U.S. trade officials to include currency provisions in the TPP deal designed to protect against manipulation.
"China needs to move more quickly to a market-determined exchange rate and more open access to its markets," he wrote.
Lew will be in China following the completion of that nation's third plenum.
"We and the world will be watching closely this week as the Chinese leadership announces its new plan for reforms," he wrote.
China's economy is shifting to one more focused on domestic consumption and away from an exports.
"These efforts are imperative to sustain strong growth in the medium term," he wrote.
There are some signs of progress in China's willingness to make changes, including a commitment from Beijing to pursue a high-standard bilateral investment treaty with the United States.
He specifically mentioned that the Shanghai Free Trade Zone pilot program could lead to more open investment.
Some U.S. business leaders in China have said the new trade zone could be a first step to Beijing joining the TPP.
As the rest of the world's economies improve, Lew touted better growth in the United States as well as adjustments made by many nations in the Asia Pacific to ensure that their economies will be more resilient in case of another global financial crisis.
"Now, we need to build on these strengths and deepen our ties with the most dynamic region in the world," he said.
http://thehill.com/blogs/on-the-money/economy/189880-lew-promotes-growth-on-asia-pacific-swing
Treasury Secretary Jack Lew highlighted on Monday the importance of U.S. engagement in the Pacific Rim with the goal of boosting demand and rebalancing global growth.
Lew will spend this week traveling around the Asia-Pacific region, stopping in several nations that are a part of the 12-nation Trans-Pacific Partnership (TPP) trade talks.
"I am here in Asia this week to deepen our cooperation to increase demand, provide shared benefits throughout the global economy and level the playing field for our workers and businesses," he wrote in a Wall Street Journal op-ed on Monday.
He called the TPP "the cornerstone of our shared growth agenda" and said it is envisioned as a "living agreement" that other Asia-Pacific economies can eventually join.
Lew will meet with government and business leaders in Tokyo on Tuesday, Singapore on Wednesday, Malaysia and Vietnam on Thursday and Beijing on Friday, Treasury Department officials said last week.
"With emerging economies playing an increasingly large role in the global economy, we must move away from a pattern of global growth that is built on the U.S. being the world's importer," he wrote.
In Japan, where Prime Minister Shinzo Abe has promised three arrows of reform, Lew is expected to discuss the nation's need to strengthen domestic demand, avoid a reliance on exports and continue to respect G-7 and G-20 commitments not to target exchange rates.
"Structural reforms and a carefully calibrated fiscal adjustment will be key to supporting the ongoing recovery in demand so that Japan can realize lasting growth," Lew wrote.
The United States and Japan are engaged in parallel negotiations over the TPP agreement with the result of those talks — designed to pry open Japan's market to more U.S. goods and services — being included in any final trade deal.
Obama administration officials said an agreement will provide better access to decades-long issues that need to be addressed in Japan.
Leaders from the TPP nations, which include Malaysia, Japan, Vietnam and Singapore, said at a Bali summit last month that the goal is to complete an agreement by the end of the year.
Lew said that as the global economy continues its recovery, "it is all the more important for Asia's surplus economies to draw on domestic sources for growth and move toward greater exchange rate flexibility."
Exchange rates will be a big topic of conversation throughout Lew's swing around the region. A majority of lawmakers in Congress have urged U.S. trade officials to include currency provisions in the TPP deal designed to protect against manipulation.
"China needs to move more quickly to a market-determined exchange rate and more open access to its markets," he wrote.
Lew will be in China following the completion of that nation's third plenum.
"We and the world will be watching closely this week as the Chinese leadership announces its new plan for reforms," he wrote.
China's economy is shifting to one more focused on domestic consumption and away from an exports.
"These efforts are imperative to sustain strong growth in the medium term," he wrote.
There are some signs of progress in China's willingness to make changes, including a commitment from Beijing to pursue a high-standard bilateral investment treaty with the United States.
He specifically mentioned that the Shanghai Free Trade Zone pilot program could lead to more open investment.
Some U.S. business leaders in China have said the new trade zone could be a first step to Beijing joining the TPP.
As the rest of the world's economies improve, Lew touted better growth in the United States as well as adjustments made by many nations in the Asia Pacific to ensure that their economies will be more resilient in case of another global financial crisis.
"Now, we need to build on these strengths and deepen our ties with the most dynamic region in the world," he said.
http://thehill.com/blogs/on-the-money/economy/189880-lew-promotes-growth-on-asia-pacific-swing
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Re: **** Lew promotes growth on Asia-Pacific swing
Admin Tue Nov 12, 2013 7:33 am
[ltr]Japan set "red lines" in trade talks with the United States[/ltr]
[ltr]Tuesday, November 12, 2013 - 10:34[/ltr]
[ltr]
Japanese Prime Minister Shinzo Abe
Tokyo (dpa)
Japanese minister said on Tuesday that some local products represent "red lines" in trade liberalization talks backed. This came ahead of talks with U.S. Treasury Secretary Jacob Liu in Japan.
Said Akira Amari, Minister of State for trade liberalization talks between the countries of the Trans-Pacific Partnership, "we have to declare clearly present our condition is that the major agricultural products red lines for Japan."
It is noteworthy that the multilateral talks involving 12 countries overlooking the Pacific Ocean in the continents of Asia, South America and North America, aimed at establishing a free trade area by eliminating all fees imposed on the movement of trade between countries in the region.
But Japan is seeking to retain some duties on imports of certain agricultural and food products, such as rice, sugar, wheat, beef, pork and dairy products.
Held by representatives of the countries participating in the talks of a new round of negotiations in Salt Lake City, United States next week, where participants hope to reach an agreement before the ministerial meeting scheduled to be held in Singapore next month.
Emery said, The Salt Lake meetings have "great importance" in the pay talks Trans-Pacific Partnership forward, in order to reach an agreement before the ministerial-level meeting in Singapore in December.
It is scheduled to be held Liu talks in Japan with Japanese Prime Minister Shinzo Abe, as part of his Asian tour which includes China, Singapore, Malaysia and Vietnam.
Liu said in an article published in the "Wall Street Journal" last Tuesday, the Trans-Pacific Partnership is a "vivid perception of the Convention seeks economies of Asia and other Pacific to comply with the high standards of the partnership across the Pacific Ocean so you can join them."[/ltr]
http://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www1.youm7.com/NewsSection.asp%3FSecID%3D24%26IssueID%3D168&sandbox=0&usg=ALkJrhi7IVUMKn_ZsZgkYBH6sp8Lm2V2bw
[ltr]Tuesday, November 12, 2013 - 10:34[/ltr]
[ltr]
Japanese Prime Minister Shinzo Abe
Tokyo (dpa)
Japanese minister said on Tuesday that some local products represent "red lines" in trade liberalization talks backed. This came ahead of talks with U.S. Treasury Secretary Jacob Liu in Japan.
Said Akira Amari, Minister of State for trade liberalization talks between the countries of the Trans-Pacific Partnership, "we have to declare clearly present our condition is that the major agricultural products red lines for Japan."
It is noteworthy that the multilateral talks involving 12 countries overlooking the Pacific Ocean in the continents of Asia, South America and North America, aimed at establishing a free trade area by eliminating all fees imposed on the movement of trade between countries in the region.
But Japan is seeking to retain some duties on imports of certain agricultural and food products, such as rice, sugar, wheat, beef, pork and dairy products.
Held by representatives of the countries participating in the talks of a new round of negotiations in Salt Lake City, United States next week, where participants hope to reach an agreement before the ministerial meeting scheduled to be held in Singapore next month.
Emery said, The Salt Lake meetings have "great importance" in the pay talks Trans-Pacific Partnership forward, in order to reach an agreement before the ministerial-level meeting in Singapore in December.
It is scheduled to be held Liu talks in Japan with Japanese Prime Minister Shinzo Abe, as part of his Asian tour which includes China, Singapore, Malaysia and Vietnam.
Liu said in an article published in the "Wall Street Journal" last Tuesday, the Trans-Pacific Partnership is a "vivid perception of the Convention seeks economies of Asia and other Pacific to comply with the high standards of the partnership across the Pacific Ocean so you can join them."[/ltr]
http://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www1.youm7.com/NewsSection.asp%3FSecID%3D24%26IssueID%3D168&sandbox=0&usg=ALkJrhi7IVUMKn_ZsZgkYBH6sp8Lm2V2bw
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Re: **** Lew promotes growth on Asia-Pacific swing
Admin Fri Nov 15, 2013 8:36 am
November 14, 2013
Lew heading to Beijing
Beijing bound: Treasury Secretary Jack Lew will wrap up a weeklong trip to the Asia-Pacific on Friday with a stop in Beijing, where the topic is likely to focus on China's economy and undervalued currency.
He will meet with senior government officials to press them on following through on making structural reforms to the Chinese economy as well as raising the value of the yuan.
During the trip he has visited Japan, Singapore, Malaysia and Vietnam, four of the dozen nations that are working toward wrapping up work this year on the Trans-Pacific Partnership (TPP).
The TPP is "the cornerstone of our shared growth agenda" and it is envisioned as a "living agreement" that other Asia-Pacific economies can eventually join, he wrote in a Wall Street Journal op-ed on Monday.
His aim in China will be to discuss a shift from a heavy government role in the economy and influencing the exchange rate to become a more market-based approach where domestic demand would drive growth.
Lew is expected to ask for a more detailed report from top Chinese officials about the results of their third plenum after they released what has been deemed a vague statement with little policy direction.
"The communique coming out of the plenum is at a very general level," Lew told CNBC Asia.
"It doesn't spell out all the policies. So in the coming discussions, I hope to learn more about some of the specific polices."
The Treasury Department said last month that China's currency is still significantly undervalued despite gradual increases over the past several years.
"China needs to move more quickly to a market-determined exchange rate and more open access to its markets," he wrote on Monday.
U.S. businesses argue that currency manipulation gives China and other nations a global trade advantage, making their goods cheaper in the United States and around the world.
Lew has said the exchange rate policy is top priority for the Obama administration.
The pervasive problem also is causing considerable ire on Capitol Hill — enough that many lawmakers are saying they won't consider the White House's ambitious trade agenda without the inclusion of enforceable currency manipulation provisions.
Lew also will allay fears about the trajectory of the U.S. economy.
The 16-day government shutdown last month unnerved global financial markets and major economies such as China and Japan, which are the largest holders of U.S. debt.
"We went through a period of some political turmoil, but I have to be clear it was a political, not economic, crisis," Lew told CNBC.
http://thehill.com/blogs/on-the-money/other/190353-overnight-money-lew-heading-to-beijing
Lew heading to Beijing
Beijing bound: Treasury Secretary Jack Lew will wrap up a weeklong trip to the Asia-Pacific on Friday with a stop in Beijing, where the topic is likely to focus on China's economy and undervalued currency.
He will meet with senior government officials to press them on following through on making structural reforms to the Chinese economy as well as raising the value of the yuan.
During the trip he has visited Japan, Singapore, Malaysia and Vietnam, four of the dozen nations that are working toward wrapping up work this year on the Trans-Pacific Partnership (TPP).
The TPP is "the cornerstone of our shared growth agenda" and it is envisioned as a "living agreement" that other Asia-Pacific economies can eventually join, he wrote in a Wall Street Journal op-ed on Monday.
His aim in China will be to discuss a shift from a heavy government role in the economy and influencing the exchange rate to become a more market-based approach where domestic demand would drive growth.
Lew is expected to ask for a more detailed report from top Chinese officials about the results of their third plenum after they released what has been deemed a vague statement with little policy direction.
"The communique coming out of the plenum is at a very general level," Lew told CNBC Asia.
"It doesn't spell out all the policies. So in the coming discussions, I hope to learn more about some of the specific polices."
The Treasury Department said last month that China's currency is still significantly undervalued despite gradual increases over the past several years.
"China needs to move more quickly to a market-determined exchange rate and more open access to its markets," he wrote on Monday.
U.S. businesses argue that currency manipulation gives China and other nations a global trade advantage, making their goods cheaper in the United States and around the world.
Lew has said the exchange rate policy is top priority for the Obama administration.
The pervasive problem also is causing considerable ire on Capitol Hill — enough that many lawmakers are saying they won't consider the White House's ambitious trade agenda without the inclusion of enforceable currency manipulation provisions.
Lew also will allay fears about the trajectory of the U.S. economy.
The 16-day government shutdown last month unnerved global financial markets and major economies such as China and Japan, which are the largest holders of U.S. debt.
"We went through a period of some political turmoil, but I have to be clear it was a political, not economic, crisis," Lew told CNBC.
http://thehill.com/blogs/on-the-money/other/190353-overnight-money-lew-heading-to-beijing
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Re: **** Lew promotes growth on Asia-Pacific swing
Admin Fri Nov 15, 2013 8:45 am
WikiLeaks publishes Trans-Pacific Partnership draft agreement
Thursday 14 November 2013
WikiLeaks has added to the White House's problems around a trade deal with 11 other Pacific Rim countries, publishing a chapter of a draft text which had been secret.
The Trans-Pacific Partnership, a free trade treaty, had hitherto been discussed in secrecy, angering US lawmakers and pressure groups.
Negotiations have been underway for three years between the US, Canada, Australia, New Zealand, Japan, Mexico, Malaysia, Chile, Singapore, Peru, Vietnam, and Brunei.
The leaked chapter is 30,000 words long and focuses on intellectual property rights.
It proposes an increase in the term of patents, including medical patents, beyond 20 years.
It also pushes for strong measures against hackers who seek to break copyright protection, but also stipulates that protection can be broken in "lawfully authorised activities carried out by government employees, agents, or contractors for the purpose of law enforcement, intelligence, essential security, or similar governmental purposes".
According to The Guardian, Peter Bradwell, policy director of the Open Rights Group, which campaigns for freedom of digital information, said: "We're really worried about a process which is so difficult for those who take an interest in these agreements to deal with.
We rely on leaks like these to know what people are talking about.
"Lots of people in civil society have stressed that being more transparent, and talking about the text on the table, is crucial to give treaties like this any legitimacy.
We shouldn't have to rely on leaks to start a debate about what's in them."
Secrecy around the TPP has seen so intense that even members of US Congress were only allowed to view selected portions of the documents under supervision.
The deal has already caused numerous headaches for the Obama administration.
Two thirds of Democrats in the House of Representatives on Wednesday voiced their opposition to the use of Trade Promotion Authority - a presidential power to put deals before Congress only for approval or disapproval but not for amendment or filibuster.
In a letter to President Obama, 151 House Democrats said: "Given our concerns, we will oppose 'fast track' Trade Promotion Authority or any other mechanism delegating Congress' constitutional authority over trade policy that continues to exclude us from having a meaningful role in the formative stages of trade agreements and throughout negotiating and approval processes."
Similarly on Tuesday, 22 House Republicans said in a letter to US Treasury Secretary Jack Lew that granting so-called fast-track trade negotiating authority would amount to "delegating away Congress' constitutional authority over trade."
Previously, 230 US House members and 60 senators had written the administration to demand any deal ensures member countries do not engage in unfair currency practices that could hurt the US economy.
Republican Senator Lindsey Graham and Sander Levin, the top Democrat on the House Ways and Means Committee, said they would reject any agreement that did not contain a currency manipulation clause.
"You've got to be willing to vote 'No' if (currency manipulation) is not addressed," Graham said.
http://www.independent.co.uk/news/world/americas/wikileaks-publishes-transpacific-partnership-draft-agreement-8939201.html
Thursday 14 November 2013
WikiLeaks has added to the White House's problems around a trade deal with 11 other Pacific Rim countries, publishing a chapter of a draft text which had been secret.
The Trans-Pacific Partnership, a free trade treaty, had hitherto been discussed in secrecy, angering US lawmakers and pressure groups.
Negotiations have been underway for three years between the US, Canada, Australia, New Zealand, Japan, Mexico, Malaysia, Chile, Singapore, Peru, Vietnam, and Brunei.
The leaked chapter is 30,000 words long and focuses on intellectual property rights.
It proposes an increase in the term of patents, including medical patents, beyond 20 years.
It also pushes for strong measures against hackers who seek to break copyright protection, but also stipulates that protection can be broken in "lawfully authorised activities carried out by government employees, agents, or contractors for the purpose of law enforcement, intelligence, essential security, or similar governmental purposes".
According to The Guardian, Peter Bradwell, policy director of the Open Rights Group, which campaigns for freedom of digital information, said: "We're really worried about a process which is so difficult for those who take an interest in these agreements to deal with.
We rely on leaks like these to know what people are talking about.
"Lots of people in civil society have stressed that being more transparent, and talking about the text on the table, is crucial to give treaties like this any legitimacy.
We shouldn't have to rely on leaks to start a debate about what's in them."
Secrecy around the TPP has seen so intense that even members of US Congress were only allowed to view selected portions of the documents under supervision.
The deal has already caused numerous headaches for the Obama administration.
Two thirds of Democrats in the House of Representatives on Wednesday voiced their opposition to the use of Trade Promotion Authority - a presidential power to put deals before Congress only for approval or disapproval but not for amendment or filibuster.
In a letter to President Obama, 151 House Democrats said: "Given our concerns, we will oppose 'fast track' Trade Promotion Authority or any other mechanism delegating Congress' constitutional authority over trade policy that continues to exclude us from having a meaningful role in the formative stages of trade agreements and throughout negotiating and approval processes."
Similarly on Tuesday, 22 House Republicans said in a letter to US Treasury Secretary Jack Lew that granting so-called fast-track trade negotiating authority would amount to "delegating away Congress' constitutional authority over trade."
Previously, 230 US House members and 60 senators had written the administration to demand any deal ensures member countries do not engage in unfair currency practices that could hurt the US economy.
Republican Senator Lindsey Graham and Sander Levin, the top Democrat on the House Ways and Means Committee, said they would reject any agreement that did not contain a currency manipulation clause.
"You've got to be willing to vote 'No' if (currency manipulation) is not addressed," Graham said.
http://www.independent.co.uk/news/world/americas/wikileaks-publishes-transpacific-partnership-draft-agreement-8939201.html
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Re: **** Lew promotes growth on Asia-Pacific swing
Admin Fri Nov 15, 2013 9:07 am
TPP negotiations can be completed by this year, says US Treasury Secretary
13 Nov 2013 20:52
The 12 countries participating in the Trans-Pacific Partnership trade talks are still optimistic that negotiations can be concluded this year, said US Secretary of the Treasury Jack Lew.
United States Treasury Secretary Jack Lew (L) and Singapore Finance Minister Tharman Shanmugaratnam (R) attend a media briefing after their meeting in Singapore. (AFP/ROSLAN RAHMAN)
SINGAPORE: The 12 countries participating in the Trans-Pacific Partnership trade talks are still optimistic that negotiations can be concluded this year, said US Secretary of the Treasury Jack Lew .
He was speaking to the media after his meeting with Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam in Singapore on Wednesday.
So far, the talks have been bogged down by various outstanding issues ranging from intellectual property rights to state-owned enterprises, labour and the environment.
The TPP comprises of 12 members, with Japan being the last country to join the talks. The other 11 nations are Brunei, Chile, New Zealand, Singapore, the United States, Australia, Peru, Vietnam, Malaysia, Mexico and Canada.
Mr Lew visited Japan on Tuesday and will be heading to Malaysia, Vietnam and China over the next few days.
Mr Lew said: "I have had a good discussion in Tokyo... In terms of goods, there are still some issues that are being worked through, they are difficult issues. It shouldn't be a surprise that in the last few weeks of the negotiations, the difficult issues are still in progress.
"I think the important thing to remember is that the reason we are in the TPP discussion is the same as the reasons Singapore is -- same for Japan and the other countries are -- that it is in each of our own interest for there to be high quality agreement that benefits each of us individually and all of us together collectively.
"And that is the reason why we are still optimistic that we can reach a successful conclusion of the TPP discussion this year."
Mr Tharman added: "We should try our best to reach agreement. The negotiators are in fact meeting in a week's time in Salt Lake City. We're trying our best to come to some consensus. So we should be hopeful, but it's tough work ahead."
The TPP trade agreement is expected to boost trade and investment, as well as create jobs and pave the way for a wider Asia-Pacific free trade pact.
TPP Ministers from the 12 countries are due to meet in Singapore next month to try to seal the ambitious trade agreement.
Meanwhile, Mr Tharman said Singapore's discussion with the US to conclude the FATCA agreements is progressing smoothly, and is expected to be completed in the next few months.
FATCA (Foreign Account Tax Compliance Act) aims to reduce the levels of tax avoidance by US citizens and entities through foreign financial institutions.
Mr Tharman added: "Secretary Lew and I agreed that we should work towards reciprocity of information exchange (under FATCA).
"I would add that the signing of the FATCA inter-governmental agreement between the US and Singapore underscores Singapore's preparedness to engage in automatic exchange of information -- as long as it is undertaken on a level-playing field basis between all financial centres and it is undertaken with countries that respect the rule of law with regards to the confidentiality of information."
During their meeting, Mr Tharman and Mr Lew also talked about the need for domestic reforms in the world, in preparation for the eventual normalisation of global interest rates. Interest rates have stayed low since the US Federal Reserve began its accommodative monetary policy to boost the US economy after the financial crisis.
On Wednesday, regional shares tumbled on concerns that the US could pull back its asset-buying stimulus as early as next month.
Responding to the media, Mr Tharman said the Fed tapering will be a "net positive for emerging Asia", provided the appropriate reforms are implemented.
He added: "At some point, it's going to have to taper and it is important for all of us to start preparing for that eventuality. And that means putting in place domestic reforms in all our countries so that we can take advantage of the world that has recovered sufficiently for the Fed to taper.
"That means the TPP, it means liberalising, it means removing blockages to infrastructural investment and it means raising productivity.
"So basically, if I could reflect also on our discussions in Washington, the eventual tapering on the Fed's part will I think, be a net positive for emerging Asia -- a net positive as long as we respond to this likely outcome, start preparing for it now, have a little more urgency in domestic reforms."
- CNA/ac
http://www.channelnewsasia.com/news/business/tpp-negotiations-can-be/885244.html
13 Nov 2013 20:52
The 12 countries participating in the Trans-Pacific Partnership trade talks are still optimistic that negotiations can be concluded this year, said US Secretary of the Treasury Jack Lew.
United States Treasury Secretary Jack Lew (L) and Singapore Finance Minister Tharman Shanmugaratnam (R) attend a media briefing after their meeting in Singapore. (AFP/ROSLAN RAHMAN)
SINGAPORE: The 12 countries participating in the Trans-Pacific Partnership trade talks are still optimistic that negotiations can be concluded this year, said US Secretary of the Treasury Jack Lew .
He was speaking to the media after his meeting with Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam in Singapore on Wednesday.
So far, the talks have been bogged down by various outstanding issues ranging from intellectual property rights to state-owned enterprises, labour and the environment.
The TPP comprises of 12 members, with Japan being the last country to join the talks. The other 11 nations are Brunei, Chile, New Zealand, Singapore, the United States, Australia, Peru, Vietnam, Malaysia, Mexico and Canada.
Mr Lew visited Japan on Tuesday and will be heading to Malaysia, Vietnam and China over the next few days.
Mr Lew said: "I have had a good discussion in Tokyo... In terms of goods, there are still some issues that are being worked through, they are difficult issues. It shouldn't be a surprise that in the last few weeks of the negotiations, the difficult issues are still in progress.
"I think the important thing to remember is that the reason we are in the TPP discussion is the same as the reasons Singapore is -- same for Japan and the other countries are -- that it is in each of our own interest for there to be high quality agreement that benefits each of us individually and all of us together collectively.
"And that is the reason why we are still optimistic that we can reach a successful conclusion of the TPP discussion this year."
Mr Tharman added: "We should try our best to reach agreement. The negotiators are in fact meeting in a week's time in Salt Lake City. We're trying our best to come to some consensus. So we should be hopeful, but it's tough work ahead."
The TPP trade agreement is expected to boost trade and investment, as well as create jobs and pave the way for a wider Asia-Pacific free trade pact.
TPP Ministers from the 12 countries are due to meet in Singapore next month to try to seal the ambitious trade agreement.
Meanwhile, Mr Tharman said Singapore's discussion with the US to conclude the FATCA agreements is progressing smoothly, and is expected to be completed in the next few months.
FATCA (Foreign Account Tax Compliance Act) aims to reduce the levels of tax avoidance by US citizens and entities through foreign financial institutions.
Mr Tharman added: "Secretary Lew and I agreed that we should work towards reciprocity of information exchange (under FATCA).
"I would add that the signing of the FATCA inter-governmental agreement between the US and Singapore underscores Singapore's preparedness to engage in automatic exchange of information -- as long as it is undertaken on a level-playing field basis between all financial centres and it is undertaken with countries that respect the rule of law with regards to the confidentiality of information."
During their meeting, Mr Tharman and Mr Lew also talked about the need for domestic reforms in the world, in preparation for the eventual normalisation of global interest rates. Interest rates have stayed low since the US Federal Reserve began its accommodative monetary policy to boost the US economy after the financial crisis.
On Wednesday, regional shares tumbled on concerns that the US could pull back its asset-buying stimulus as early as next month.
Responding to the media, Mr Tharman said the Fed tapering will be a "net positive for emerging Asia", provided the appropriate reforms are implemented.
He added: "At some point, it's going to have to taper and it is important for all of us to start preparing for that eventuality. And that means putting in place domestic reforms in all our countries so that we can take advantage of the world that has recovered sufficiently for the Fed to taper.
"That means the TPP, it means liberalising, it means removing blockages to infrastructural investment and it means raising productivity.
"So basically, if I could reflect also on our discussions in Washington, the eventual tapering on the Fed's part will I think, be a net positive for emerging Asia -- a net positive as long as we respond to this likely outcome, start preparing for it now, have a little more urgency in domestic reforms."
- CNA/ac
http://www.channelnewsasia.com/news/business/tpp-negotiations-can-be/885244.html
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