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Thread: Obama outlines pan-Pacific trade plan at Apec summit

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    Obama outlines pan-Pacific trade plan at Apec summit

    US President Barack Obama has announced the broad outlines of a plan to create a trans-Pacific free trade zone at an annual regional summit in Hawaii.

    "I'm confident we can get this done," Mr Obama said at the Asia-Pacific Economic Co-operation (Apec) talks.

    Nine Apec nations are involved in the Trans-Pacific Partnership (TPP), but China has so far not expressed interest in joining the talks.

    In all, 21 Apec countries account for about 44% of global trade. They also make up some 40% of the world's population....

    The TPP currently includes Chile, New Zealand, Brunei and Singapore - all relatively small economies - with the US, Australia, Malaysia, Vietnam and Peru negotiating to join. And Japan, the world's third largest economy, has now said it also wants to join the discussions.
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    BBC News - Obama outlines pan-Pacific trade plan at Apec summit

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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    This would be excellent, and if he could get it accomplished, would be a feather in the President's cap as well as a solid boon for the country.

    Frankly, I'm kind of fully willing for China not to join.

    but we need to get India on board.

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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    Yeah, excluding China from this isn't a bad thing, creating all sorts of economic advantages for other nations in the regions, to use as leverage against China, particularly for human rights matter, can only be good.
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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    The US, Australia, and India have a common Anglo-political heritage that should hopefully aid us in tying together a regional bloc to face off against a surging China. Mutually reinforcing that with a free trade zone is only good common sense.

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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    This explains why this seemingly hardly newsworthy item is critically important to the future of world trade with the Asia region.

    BBC News - Wen warns US on South China Sea dispute
    The South China Sea contains some of the world's busiest shipping lanes, as well as oil and gas reserves.

    China claims a huge U-shaped area of the sea - a claim that overlaps areas which Vietnam, Malaysia, the Philippines, Taiwan and Brunei say belong to them.

    China's increasingly assertive behaviour over its claim in recent months has alarmed several of its neighbors.
    Last edited by Frolicking Dinosaurs; 11-18-11 at 12:35 PM.

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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    If this actually pans out it will be the best economic news in many years. But I'll believe it when I see it. These things have a tendency to fall apart during negotiations, or to be held up in Congress even after they've been fast-tracked. An APEC free trade area would be fantastic. I'm very skeptical about its chances of becoming reality though; the fact that Japan is involved tends to greatly increase the risk of it all falling apart IMO. I'd rather get the free trade area with the other APEC countries so we at least have that, and then we can negotiate to have Japan join separately.
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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    Do you think it would survive domestic union pressure? the FTA's with Colombia and South Korea died in the Democrat Senate over precisely that issue.

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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    Quote Originally Posted by cpwill View Post
    This would be excellent, and if he could get it accomplished, would be a feather in the President's cap as well as a solid boon for the country.

    Frankly, I'm kind of fully willing for China not to join.

    but we need to get India on board.
    I don't think India is being considered at this point. Taiwan's government also wants in, but has indicated it doesn't think it will be ready until 2015 at the earliest...
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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    Quote Originally Posted by cpwill View Post
    The US, Australia, and India have a common Anglo-political heritage that should hopefully aid us in tying together a regional bloc to face off against a surging China. Mutually reinforcing that with a free trade zone is only good common sense.
    As do New Zealand and the Philippines. Taiwan's political system is roughly modeled on that of the United States as well...
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    Re: Obama outlines pan-Pacific trade plan at Apec summit

    Quote Originally Posted by cpwill View Post
    Do you think it would survive domestic union pressure? the FTA's with Colombia and South Korea died in the Democrat Senate over precisely that issue.
    I thought the Senate RATIFIED the South Korea FTA. My understanding is that it is currently limbo in the South Korean legislature.

    U.S. - Korea Free Trade Agreement | Office of the United States Trade Representative

    S. Korean lawmaker on FTA hunger strike - UPI.com
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