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. Last Updated: 07/27/2016

Japan Trade Talks Flop

WASHINGTON -- President Bill Clinton said Friday that the United States had failed to clinch a trade agreement with Japan but that transpacific ties remain strong.

The two sides agreed at last July's economic summit in Tokyo to set up a new economic agenda to right the lopsided transpacific trade flow, targeting four key areas for agreement by Friday.

"Unfortunately we have not been able to reach agreement in any of the four areas we identified last July," Clinton said in a joint news conference with Prime Minister Morihiro Hosokawa. "Japan's offers made in these negotiations simply did not meet the standards agreed to in Tokyo.

Despite the failure to fulfil their trade pledge, Clinton called the U.S.-Japan relationship "long, deep and rich."

Hosokawa agreed, saying: "We should in no way allow this result to undermine the strong and friendly relationship between our two countries."