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 B.G. FromanUS trade rep spent nearly M to furnish offices: report Overnight Finance: Trump hits China on currency manipulation, countering Treasury | Trump taps two for Fed board | Tax deadline revives fight over GOP overhaul | Justices set to hear online sales tax case Froman joins Mastercard to oversee global business expansion 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.