🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

UPDATE 2-Obama says Chinese-led trade deal shows need for TPP -Washington Post

Published 03/05/2016, 06:22 pm
UPDATE 2-Obama says Chinese-led trade deal shows need for TPP -Washington Post

* Obama pushing to finalise TPP before leaving office

* Plans to visit TPP partners Japan, Vietnam this month

* China says global trade rules should be discussed by all nations (Adds Chinese Foreign Ministry comment)

WASHINGTON, May 2 (Reuters) - U.S. President Barack Obama said on Monday that a Chinese-led regional trade deal demonstrated the urgent need for Congress to approve the 12-nation Trans-Pacific Partnership trade pact.

Obama has been pushing to finalize the TPP before he leaves office on Jan. 20, but he needs to overcome strong anti-trade sentiment from both the left wing of his own Democratic Party as well as from the right flank of the Republican Party.

Voter anxiety over the impact of trade deals on jobs and the environment has featured large in the campaigns of Donald Trump, the Republican front-runner for the Nov. 8 presidential election, and U.S. Senator Bernie Sanders, who is running against Hillary Clinton for the Democratic nomination.

In an opinion piece published on the website of the Washington Post on Monday, Obama said he understood voter skepticism but that "building walls to isolate ourselves from the global economy" would backfire on the American economy.

"China is negotiating a trade deal that would carve up some of the fastest-growing markets in the world at our expense, putting American jobs, businesses and goods at risk," Obama said in the piece.

Obama was referring to the 16-member Regional Comprehensive Economic Partnership, or RCEP, and noted that China was seeking to finalize the deal by the end of the year.

"That trade deal won't prevent unfair competition among government-subsidized, state-owned enterprises. It won't protect a free and open Internet," Obama said, also criticizing the RCEP's lack of protections for intellectual property, labor standards and the environment.

Obama, who plans a visit to TPP partners Japan and Vietnam later this month, argued the TPP would allow America to "call the shots" on trade with Asia.

"That's why my administration is working closely with leaders in congress to secure bipartisan approval for our trade agreement, mindful that the longer we wait, the harder it will be to pass the TPP," he said.

Asked about Obama's comments, China's Foreign Ministry said global trade rules should be discussed by all countries, not just set by one.

China has an open attitude towards TPP, which should be promoted together along with RCEP to help achieve the goal of a free trade zone in the Asia Pacific, ministry spokesman Hong Lei told a daily news briefing in Beijing.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.