The
United States and eight other Pacific countries hope to announce the crux of a
major trade deal at an Asia-Pacific summit next month, officials said Monday, a
step toward an elusive APEC-wide accord.
US trade officials said leaders from nine
nations should herald the "broad outlines of an agreement" at an
Asia-Pacific Economic Cooperation summit, which will be hosted by President
Barack Obama in his native Honolulu on November 12-13.
The deal, which has been at least two years in
the making, would bind countries that together account for a quarter of world
economic output.
Negotiators from the nine are to gather in
Lima from Wednesday for 6-10 days of talks to finish sketching the accord, said
Carol Guthrie, a spokeswoman for the US Trade Representative.
More negotiations will likely be necessary
after the Honolulu meeting, but the deal is expected to cover supply chain
management, intellectual property protection, investment, rules on state-owned
firms and a host of other trade issues.
"It's comprehensive, it's going offer
access to a couple of very important growing markets in Vietnam and Malaysia
and a developed market in New Zealand," said Douglas Goudie, head of
international trade policy at the US National Association of Manufacturers.
Many hope the agreement --- between Australia,
Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, United States and
Vietnam -- will provide a stepping stone to a deal that would include regional
powerhouses China, Japan and Russia.
While the so-called Trans-Pacific Partnership
(TPP) talks appear to be bearing fruit, broader talks to create a fully-blown
Asia-Pacific free trade deal have long withered on the vine.
Trade groups hope that the Honolulu meeting
and the TPP's conclusion will inject some political momentum into that process.
Covering around 50 percent of global commerce,
a deal that covers all 21 economies of APEC has the potential to significantly
recast world trade flows.
"I think any APEC-wide free trade
agreement is inherently a long-term concept, but this is an important step
along the way," said John Goyer of the US Coalition of Service Industries.
According to trade experts, Japan may now play
a key role in deciding whether the TPP becomes the basis of a major hemispheric
deal, or another in the long list of multilateral accords.
"The more countries are engaged in that
negotiation, the more appealing it becomes to other countries,” said Goyer.
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment