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Report: US-Pacific Trade Deal Inches Closer

tradeThe U.S. and 11 Asian countries were close to finalizing the proposed Trade-Pacific Partnership trade accord during a negotiation late Sunday afternoon, Politico reported Sunday.

Doug Palmer writes the TPP would serve as a key component of the Obama administration’s Asia-Pacific foreign policy rebalancing initiative and establish e-commerce, labor and environmental rules among the participating nations.

The latest round of talks focused on drug, automobile and dairy market provisions, the report said.

U.S. and Australian trade officials reached a compromise on TPP language about the patent protection for biologic drugs, with negotiators from the two countries agreeing to a five-year biologics exclusivity period, the publication reports.

The White House believes the initiative’s economic and geostrategic goals will encourage Congress to back the proposed 12-nation trade treaty.

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