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The United States and Japan could not conclude a free trade agreement
During President Barack Obama's visit to Tokyo, the United States and Japan were unable to conclude a free trade agreement, which jeopardized the establishment of the Trans-Pacific Partnership.
Japanese Economy Minister Akira Amari told reporters that the two countries could not reach agreement on any of the controversial issues, including access to the market for cars and agricultural products.
The bilateral agreement is an important step in the process of creating the Trans-Pacific Partnership, an international trade and economic organization whose goal is to create a free trade zone in the Asia-Pacific region with the participation of 12 countries.
While US President Barack Obama was in Tokyo, Amari and US Trade Representative Michael Froman were asked to work through all outstanding issues in a bilateral agreement. However, the expected meeting between them did not occur, as it was decided that further negotiations would not lead to anything, said Amari.
The United States hoped to conclude an agreement on the establishment of the Trans-Pacific Partnership last year. The agreement provides for the elimination of tariffs between 12 economies of the region, which account for about 40% of world production and 30% of world trade.