Sunday, 13 November 2011

APEC ministers talk up free trade deal

APEC ministers talk up free trade deal

abc
On Saturday 12 November 2011, 21:51 EST
Trade ministers attending the APEC summit in Honolulu, Hawaii are talking up the prospect of a deal to advance a new free trade agreement.
The Trans-Pacific Partnership trade pact, known as the TPP, now includes Chile, New Zealand, Brunei and Singapore, but Australia, Japan and the United States are among other countries negotiating to join.
The group's 21 trade ministers have held discussions specifically on the partnership, which is aimed at creating a free trade zone in the Asia Pacific.
Australia's Trade Minister Craig Emerson says with the addition of Japan, the economies of the TPP partnership will be 40 per cent larger than the European Union.
While Mr Emerson is positive about the idea, he will not set a time frame for its signing, saying "setting artificial deadlines is counter-productive." Prime Minister Julia Gillard and US President Barack Obama will meet with other interested countries tomorrow to discuss the agreement.
Earlier Saturday, Ms Gillard wrapped up her one-on-one meetings with the heads of Russia and Singapore on the sidelines of the summit.
During her meeting with Russian president Dmitry Medvedev, they discussed Russia's entry to the World Trade Organisation.
Ms Gillard also raised the ban on Australian kangaroo exports to Russia.
She told Mr Medvedev she hopes trade will resume soon.

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