US: Won’t rush into Pacific trade pact
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US: Won’t rush into Pacific trade pact

WASHINGTON (AP) — The Obama administration says it won’t sacrifice the quality of a proposed trans-Pacific trade pact in the drive to complete negotiations by year’s end.

The Trans-Pacific Partnership, or TPP, is the key plank of the U.S. effort to boost exports to the fast-growing economies of the Asia-Pacific.

U.S. Trade Representative Mike Froman spoke to reporters by phone Friday after TPP trade ministers met in Brunei.

Froman said the aim remains to complete negotiations by the end of 2013. But he added: “We are not rushing into an agreement to meet any particular deadline.”

The negotiations began more than two-and-a-half years ago, and are said to be in their final stages but with much yet to be settled among the 12 participating nations that account for 40 percent of world trade.