US plans to conclude TPP negotiations

WASHINGTON - The United States plans to conclude the Trans-Pacific Partnership (TPP) negotiations in 2014, according to the 2014 Trade Policy Agenda released on Tuesday.

Additionally, the agenda, prepared by the Office of the United States Trade Representative (USTR), discussed the possibility of further countries joining.

"The United States continues to engage with potential candidate countries regarding their interest in joining the TPP negotiations, and has welcomed public expressions of interest by a number of economies in Asia and Latin America," it said.

Significant progress is also expected to be made with the Transatlantic Trade and Investment Partnership (TTIP) agreement, launched in June last year by President Barack Obama and EU leaders.

Along with the United States, TPP participants now include Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

According to an analysis of the Peterson Institute for International Economics, a successful TPP agreement would provide global income benefits of an estimated $223 billion per year, by 2025, while potentially expanding annual US exports by 124 billion dollars.