KUALA LUMPUR: There are only a handful of issues to be resolved in the ongoing Trans Pacific Partnership negotiations, said US Trade Representative Michael Froman.
"The Hawaii ministerial meeting was productive and we closed a dozen difficult issues, and at the end of the day there are now a handful of issues which needed further work," he said on the sidelines of the Third East Asia Summit here yesterday.
The 12 countries – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Peru, the US and Vietnam held their last ministerial meeting in Lahaiana in late July but it ended in a deadlock.
However negotiators from most countries said substantial part of the work set out was achieved during the Hawaii meeting, and it is estimated that more than 90 per cent of TPP concluded.
"Since the Hawaii meeting, negotiating countries have to go back and sort with their stakeholders, cabinet and parliament."
Froman said work had resumed bilaterally in small groups with the "goal of identifying landing zones" for each of the remaining and he hopes to reach a final agreement soon.
Deadlines are not a priority for the negotiators as they prefer to have a substantial gold standard trade agreement for the Pacific Rim countries.
Market access has been one of the unfinished work identified by negotiators and, in Hawaii, it was narrowed to agriculture products like dairy which involves advanced economies like Canada, Japan, Australia and New Zealand.
Also unresolved are the issues involving the automotive industry which has sparked disagreements between the automakers from US and Japan.
Malaysia has also its own set of issues and recently the International Trade and Industry Ministry said to researchers that the country stands to benefit from participating in the trade pact as it enables the exporters to access US$19 trillion market in the Americas, opening up job opportunities further.
Public interest groups have marked several redlines with the ongoing TPP issues including pharmaceuticals accusing the US of pushing to protect data for the next generation biologic drugs although the US has responded saying that 80 per cent of its prescription drugs are generic drugs.
To Froman, the Hawaii meeting has shown a commitment by the trading partners to work `creatively' and “collaboratively” define solutions to outstanding issues.
"We were impressed with the perspective the partners brought to table in Hawaii following the securing of Trade Promotion Authority."
The renewal of the fast track TPA after 12 years has given the negotiators the momentum to conclude the talks.
US officials are confident that President Barack Obama will be able to clinch the TPP before he leaves office.