Obama hopes to sign transpac trade deal with or without all partner nations
THE Obama administration is making a last ditch effort to finalise the proposed Trans-Pacific Partnership (TPP) that would establish a free-trade zone stretching from Vietnam to Chile with 800 million people, representing a third of world trade and 40 per cent of the global economy.
Negotiations can continue before the end of 2014 after three years of talks already. US President Barack Obama hoped to join other leaders at the 12-nation Asia-Pacific Economic Cooperation (APEC) summit in Indonesia, but the US Government shutdown kept him the US, reports Reuters.
US government officials have indicated the free trade pact might not eliminate all tariffs among the 12 countries, consisting of the United States, Japan, Canada, Mexico, Australia, New Zealand, Peru, Chile, Vietnam, Malaysia, Singapore and Brunei.
The United States is under pressure to scrap import curbs on politically sensitive products such as sugar, dairy items, footwear and clothing. In exchange, its partners would adopt new rules on digital trade and the operations of state-owned enterprises.
"I don't think that President Obama not being here will delay things at all," said Alan Bollard, executive director of APEC. "But there is a risk that others could potentially use that as a bargaining excuse and everybody needs to be aware of that ... this is a very complex negotiation."
THE Obama administration is making a last ditch effort to finalise the proposed Trans-Pacific Partnership (TPP) that would establish a free-trade zone stretching from Vietnam to Chile with 800 million people, representing a third of world trade and 40 per cent of the global economy.
Negotiations can continue before the end of 2014 after three years of talks already. US President Barack Obama hoped to join other leaders at the 12-nation Asia-Pacific Economic Cooperation (APEC) summit in Indonesia, but the US Government shutdown kept him the US, reports Reuters.
US government officials have indicated the free trade pact might not eliminate all tariffs among the 12 countries, consisting of the United States, Japan, Canada, Mexico, Australia, New Zealand, Peru, Chile, Vietnam, Malaysia, Singapore and Brunei.
The United States is under pressure to scrap import curbs on politically sensitive products such as sugar, dairy items, footwear and clothing. In exchange, its partners would adopt new rules on digital trade and the operations of state-owned enterprises.
"I don't think that President Obama not being here will delay things at all," said Alan Bollard, executive director of APEC. "But there is a risk that others could potentially use that as a bargaining excuse and everybody needs to be aware of that ... this is a very complex negotiation."