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8/2/15

TPP Agreement: Also in Australia controversy about TTP deal with no agreement reached - by Chancellor Agard

The latest round of Trans-Pacific Partnership negotiations in Hawaii ended without the 12 countries reaching a final agreement because of disagreements over a number of small issues. Australia's trade representative is placing the blame for the accord's failure to pass on the United States and the so-called big four economies.

“Australia had made some excellent progress but unfortunately some difficult issues were not resolved,” Australian trade representative Andrew Robb said, according to several reports. “The sad thing is, 98 percent is concluded.”

According to Robb, the U.S., Canada, Japan and Mexico were the main roadblocks to an agreement. There were concerns about auto trade, protection for prescription drug companies and access to dairy and sugar markets, The Guardian reports

The TPP is a major trade deal that will govern concerns about 40 percent of the world’s economy. According to The Australian, the delegates will reconvene in November for more negotiating. The deal is worth about $200 billion.

Read more: TPP Deal: Australia Blames US, Big Four Economies For Not Reaching Final Trans-Pacific Partnership Agreement

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