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

USA - Even Democrats not buying into TTIP and TTP: Harry Reid Calls Trade Push By Obama And GOP 'Insanity'

The push by President Barack Obama and Republicans for gigantic new trade deals meets the definition of insanity, Senate Minority Leader Harry Reid (D-Nev.) charged in a Senate floor speech Wednesday.

The president and Republican leaders are pushing hard to pass legislation known as Trade Promotion Authority that allows a White House to fast-track trade deals through Congress with no amendments, no procedural hurdles or filibusters, and a simple up-or-down vote in limited amount of time.

That fast-track authority likely would make it possible for the Obama administration to sign the Trans-Pacific Partnership with a dozen Pacific Rim nations, and the Transatlantic Trade and Investment Partnership with Europe. Together, those pacts would cover about 80 percent of the global economy.

The much-maligned North American Free Trade Agreement of the 1990s covered about 10 percent of the word's trade, and Reid said that deal and many since have all been disastrous for American workers, costing millions of jobs.

"It causes huge job losses," Reid said. "As Einstein said, you keep doing the same thing over and over again, and you expect a different result, that's the definition of insanity."

"We can look at these trade bills over the years -- every one of them without exception causes to American workers job losses. Millions of job losses," Reid added. "But yet they're going to try the same thing again and hope for a different result. That's insanity."

Read more:Harry Reid Calls Trade Push By Obama And GOP 'Insanity'