US, Japan renew commitment to finish Asia-Pacific trade deal

Top U.S. and Japanese leaders agreed Friday that they must resolve their differences quickly and wrap up work on a massive Asia-Pacific trade deal.

Vice President Biden and Japanese Prime Minister Shinzo Abe met in New York and agreed that they "need to resolve outstanding bilateral issues" in the Trans-Pacific Partnership (TPP) talks, including on agriculture and automobiles, as soon as possible, the White House said in a statement. 

Earlier this
week, U.S. Trade Representative Michael FromanMichael FromanUS confirms China has ended tax breaks for domestic airplanes House lawmakers call on Obama administration to oppose Iran joining global trade body Overnight Finance: Trump spurs tax reform talk | Feds release banks' revised 'living wills' MORE and Akira Amari, Japan’s trade minister, failed to make inroads on agricultural and auto-market-access issues.

Both sides are looking at what steps to take next in the process to complete the trade deal in November, ahead of President Obama's planned swing through Asia.

Besides the U.S. and Japan, there are 10 other countries — Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam — hashing out a framework for global trade rules for state-owned enterprises, tariffs and intellectual property protections.