US President Barack Obama has confirmed that the United States would participate in the broader Trans-Pacific Partnership Agreement (TPP) that would include Singapore, New Zealand, Brunei, Chile, Australia, Peru, and Vietnam.
The TPP was signed by New Zealand, Chile and Singapore on July 18, 2005 and by Brunei on August 2, 2005. On September 22, 2008, comprehensive negotiations for the US to join the TPP were announced. Australia, Peru and Vietnam also intended to participate in the negotiations. The first round of negotiations was scheduled to take place in March 2009, but was postponed to allow the US Administration time to conduct a general review of US trade policy.
Following Obama’s confirmation, the US Trade Representative, Ron Kirk, said: “We will seek with current and future TPP nations to shape a platform with the scope, coverage, and standards to successfully integrate the Asia-Pacific economies. Further engagement in the TPP gives us the opportunity to address gaps in our current agreements, and to set the standard for 21st-century trade agreements going forward. A high-standard regional trade agreement under the TPP could help bring home to the American people the jobs and economic prosperity that are the promise of trade."
New Zealand’s Trade Minister, Tim Groser, welcomed the US announcements and said: "President Obama's positive comments on US commitment to the region and the regional trade agenda are welcomed by New Zealand. Today's announcements bring New Zealand's long-held goal of a free trade deal with the United States a step closer.”
"But the Trans-Pacific negotiation is even more important as a potential pathfinder for a future regional trade deal such as a Free Trade Area of the Asia-Pacific,” he added.
For his part, Australia’s Minister for Trade, Simon Crean, said that Australia would host the first negotiating round of the TPP early next year. "The eight participating countries all have quality [free trade agreements] themselves. The grouping will define what it is we need for a modern 21st century trade agreement. The intention is that the agreement will expand to include other countries willing to sign up to the same principles," he said.
Crean added: "The TPP can become the high quality comprehensive trade framework providing a building block towards a Free Trade Area of the Asia Pacific. The agreement will also be geared to addressing the needs of business and promoting development and sustainability.”
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