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Pacific trading partners consider currency forum-Australia's Robb

Published 2015-07-28, 11:56 p/m
© Reuters. Pacific trading partners consider currency forum-Australia's Robb

LAHAINA, Hawaii, July 28 (Reuters) - Pacific Rim trading
partners are considering setting up a top-level forum to
consider ways to avoid currency manipulation in parallel to an
ambitious 12-nation trade deal, Australian Trade Minister Andrew
Robb said on Tuesday.
Robb said the U.S. proposal would not seek to include
language on avoiding currency manipulation within the
Trans-Pacific Partnership (TPP) trade deal - an idea opposed by
countries including Japan and Australia - but would set up a
separate forum to discuss currency issues.
"It's a forum of finance ministers who will agree to
consider on a regular basis aspects of currency manipulation,"
he said in an interview on the sidelines of TPP ministers
meetings in Hawaii, which are aimed at finalizing the regional
trade pact.
"They are not looking to put it in as part of the TPP
treaty, they are looking to make use of the relationship of
the 12 countries to consider currency issues on an ongoing
basis, so we hopefully don't see the re-emergence of currency
manipulation."
The move would stop short of calls by U.S. automakers and
some U.S. lawmakers to include sanctions against currency
manipulation in the trade deal.
U.S. officials have warned such rules could undermine the
independence of monetary policy, which central banks use to
boost the economy but can also work to weaken exchange rates.
Weaker exchange rates make a country's exports cheaper and
give exporters a competitive advantage.

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