Sweet victory for Singapore — President Barack Obama has announced America will take part in the Trans-Pacific Partnership, a free trade area which currently groups Brunei, Chile, New Zealand and Singapore.
President Obama's announcement in Tokyo (see previous post) was reported by US Trade Representative Ron Kirk at the Asia Pacific Economic Cooperation (Apec) forum in Singapore.
Singapore Prime Minister Lee Hsien Loong has been touting the Trans-Pacific Partnership as a model for a regional free trade agreement.
The US announcement came as virtually all Asian leaders used the APEC summit in Singapore to vent frustration about creeping US protectionism, reports ABC News.
DPA reports:
Singapore Prime Minister Lee Hsien Loong on Friday mooted the Trans-Pacific Partnership as a model for a region-wide free trade agreement.
"The United States, Australia, Peru and Vietnam have expressed their interest to join," he said.
The US willingness to join the TPP may prove an important gesture that the US is serious about "re-engaging" with the region, which many Asian leaders feel has been ignored under the previous administration.
Singapore's Senior Statesman Lee Kuan Yew on Friday warned the US to take a more active economic role in East Asia or risk losing its dominant position as the leading economic and military force.
"Over the past eight years America was so preoccupied with Iraq, Afghanistan and Iran that it has left East Asia fallow," Lee said.
He noted that the US has only inked an FTA with Singapore in the region to date, while the Association of South-East Asian Nations has recently set up FTAs with China, India and South Korea.
"If it goes on like this after a few years they (the US) is out of the economic race, and if you are out of the economic race you will lose in the long run," Lee warned.
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