TPP an albatross around US neck

The Trans-Pacific Partnership negotiations have apparently reached the final stage, but it is still not known when an agreement on the TPP can be reached.

Negotiating countries still have major differences over market access, protection of intellectual property rights, labor standards, environmental protection, provisions of state-owned enterprises and other areas, and some are even likely to quit the negotiations. The biggest obstacle to the negotiations is the difference over controversial issues such as agriculture and automobiles between the United States and Japan. And finding a common ground on the two sticking points is no longer a pure economic decision, instead it depends on the political aspirations of the two sides.

In 2013, the TPP formally invited Japan to join the negotiations, marking a new stage in the process of making the TPP a reality. On one hand, Japan's participation is bound to delay the TPP negotiations, something that the US is fully aware of. On the other, it means that the TPP will be able to not only yield huge economic benefits for the US (and thus attract more small countries to join the TPP in the future),but also help Washington to carry out its strategic "rebalancing" to Asia and play a leading role in deciding the development direction of regional economic cooperation.