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LAHAINA, Hawaii (AP) — Trade ministers from a dozen Pacific Rim nations have failed to reach a deal on a new trade agreement that would cover nearly 40 percent of the global economy.
The announcement comes from U.S. Trade Representative Michael Froman, who read from a statement on behalf of all of the ministers. He says the parties made significant progress at the talks in Hawaii, and agreed to continue the discussions.
They haven't yet set a date for future talks.
Japan's economic minister says he thinks a deal can be reached with one more meeting.
The Trans-Pacific Partnership negotiations are aimed at erasing most tariffs and other barriers to trade and investment among participants. It would also clarify and standardize trade rules, making it easier for companies to sell goods and services in the Pacific Rim.
President Barack Obama's administration has said a pact would boost U.S. economic growth and help keep high-quality jobs in the country by increasing exports.
The proposed deal is a central element of Obama's efforts to boost U.S. influence in Asia and to serve as an economic counterweight to China.
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APPHOTO RPAM201: U.S. Trade Rep. Michael Froman responds to a television interview in Lahaina, Hawaii, Friday, July 31, 2015, after ministers from 12 nations negotiating a Pacific Rim trade pact said they made significant progress in reaching an agreement. (AP Photo/Audrey McAvoy) (31 Jul 2015)
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