Froman Reaches Out to Japanese Negotiators, Says Reform is Challenging
U.S. trade chief Michael Froman signaled a willingness to continue to work with Japanese negotiators to liberalize Japan’s markets through the Trans-Pacific Partnership, saying on Oct. 2 that the U.S. has also battled over the years to reform its own economic structure. Despite a reportedly fruitless meeting with Japanese cabinet official Akira Amari in recent days, U.S. Trade Representative Froman said the U.S. is “very fortunate” to have Amari as his counterpart. Both the U.S. and Japan said no progress was made during the Sept. 23-24 talks between Froman and Amari (see 14092514).
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Japan recently embarked on its ‘Third Arrow’ of economic reform, which includes aims to liberalize the Japanese market through removing tariff and non-tariff barriers alike. The U.S. has transformed its financial services, healthcare and auto production sectors in recent years, said Froman at a HSBC Bank event. “It’s challenging, it’s difficult, but achieving it is absolutely critical to getting back on the path towards sustainable growth,” said Froman. “And we are looking forward to the bold vision that Prime Minister Abe has laid out being translated into similarly bold visions at the negotiating table.” The two sides will meet in late October for a TPP summit, but significant gaps remain on agricultural and auto issues (see 14100219). During the Sept. 23-24 talks, the U.S. rejected pressure to remove tariffs on Japanese auto parts exports to the U.S., Japanese media reported (here).