June 29, 2015 / 6:21 PM / 2 years ago

TPP ministerial meeting set for last week of July: source

1 Min Read

(Reuters) - A ministerial meeting aimed at finalizing the 12-nation Trans-Pacific Partnership, or TPP, trade deal is set for the last week of July, a source close to the negotiations said on Monday on condition of anonymity.

The meeting of trade ministers from the dozen countries involved would likely mark the final stage in the TPP negotiations, a massive trade pact covering 40 percent of the world's economy.

Negotiations are set to begin on July 23, said the source, adding that the location will likely be in the United States.

Last week, Japanese Economy Minister Akira Amari said he hopes the TPP can be wrapped up by the end of July, and New Zealand Trade Minister Tim Groser said he sees a U.S. summer break in August as a deadline.

A senior Mexican trade official has said a final deal will likely be signed within the "next few weeks."

The trade deal reaching from Canada to New Zealand would potentially raise annual global economic output by nearly $300 billion.

Editing by Lisa Shumaker

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