Update: Pacific Rim Free Trade Talks Fall Short of Deal

“Pacific Rim trade ministers failed to clinch a deal on Friday to free up trade between a dozen nations after a dispute flared up over auto trade between Japan and North America, New Zealand dug in over dairy trade and no agreement was reached on monopoly periods for next-generation drugs. […]

Failure to seal the agreement is a setback for U.S. President Barack Obama, given the trade pact’s stance as the economic arm of the administration’s pivot to Asia and an opportunity to balance out China’s influence in the region. […]

“Japan’s Economy Minister Akira Amari said that TPP member nations could reach a deal if they meet one more time, and his understanding was that the ministers aim to get together again by the end of August. […] — Ami Miyazaki and Krista Hughes, Reuters