In a statement, they called the TPP “a comprehensive, next-generation regional agreement that liberalizes trade and investment and addresses new and traditional trade issues and 21st-century challenges. We are confident that this agreement will be a model for ambition for other free trade agreements in the future.”

It is said that the TPP will cover ‘core’ issues traditionally included in trade agreements, such as the elimination of tariffs and other barriers to goods and services trade and investment, as well as rules on intellectual property, technical barriers to trade, labour, and environment; plus ‘cross-cutting’ issues not previously in trade agreements, such as making the regulatory systems of TPP countries more compatible and helping small- and medium-sized enterprises participate more actively in international trade.

Discussions have also focused on new trade issues such as addressing trade and investment in innovative products and services, including digital technologies, and ensuring state-owned enterprises compete fairly with private companies and do not distort competition.

The countries are now committed to conclude the agreement as rapidly as possible, but “recognize that there are sensitive issues that vary for each country yet to be negotiated, and have agreed that together, we must find appropriate ways to address those issues in the context of a comprehensive and balanced package”.

In that respect, the negotiating teams will meet in early December this year to continue their work, and schedule additional negotiating rounds for 2012.

In spite of the delay in reaching an agreement, the countries’ statement declared that their ultimate goal was “of forging a pathway that will lead to free trade across the Pacific,” and that they shared “a strong interest in expanding our current partnership of nine geographically and developmentally diverse countries to others across the region”.

Their negotiating teams have therefore been directed to continue talks with other trans-Pacific partners that have expressed interest in joining the TPP in order to facilitate their future participation.

In fact, following a meeting with President Barack Obama before the APEC meeting, the Japanese Prime Minister Yoshihiko Noda took the opportunity to disclose Japan’s interest in joining the TPP, and confirmed that he would put all goods, as well as services, on the negotiating table for trade liberalization.

President Obama has replied that he would instruct the United States Trade Representative to begin the domestic process of considering Japan's candidacy, including consultations with Congress and with US stakeholders on specific issues of concern in the agricultural, services and manufacturing sectors, to include non-tariff measures.

On learning of Japan’s TPP candidacy, the House of Representatives Ways and Means Committee Chairman, Dave Camp (R - Michigan) hoped that it was “a sign that it is firmly committed to resolving the outstanding barriers to trade between the US and Japan, especially as it relates to our auto exports. We must also address barriers to US agriculture barriers – such as beef – and barriers to US manufacturing and services exports.”

In addition, it has been revealed that Canada and Mexico, US neighbours and its largest export markets, have also issued statements expressing an interest in seeking to join the TPP talks.

In response, the US Trade Representative, Ron Kirk, said that the US looked forward to initiating consultations with them, and, ”along with Japan’s similar announcement, the desire of these North American nations to consult with TPP partners demonstrates the broadening momentum and dynamism of this ambitious effort toward economic integration across the Pacific.”