The United States asked for more access to Japan's auto and insurance markets. This was one of the topics discussed in bilateral talks held between the two countries. US Trade Representative Michael Froman said that the US hoped the two countries would be able to come to a conclusion by year's end on the Trans-Pacific Partnership (TPP) free trade initiative. Twelve countries, including US and Japan, are part of the TPP, which focuses its discussions on lowering taxes on agricultural products. The TPP member-countries also talk about removing barriers to industries that they want to protect.
In a news conference, Froman told reporters that in the Japanese market and foreign companies only hold about 6%. "The foreign share of the U.S. auto market is closer to 40 percent. I don't think there is any question that the U.S. market is quite open," he said.
Froman said that the willingness of the Japanese government to phase out taxes on 85% of goods negotiated under the TPP make for a "good initial step." The US government, however, has not yet made any headway in asking Japan to lower the car tariffs it imposed on foreign car companies. The US has also campaigned for a more open access to the country's insurance market, but has so far not succeeded.
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