News / USA

Obama: Outlines of Pacific Trade Deal Reached

President Barack Obama speaks during his meeting with Trans-Pacific Partnership leaders during the APEC summit in Honolulu, Hawaii, Saturday, Nov. 12, 2011.
President Barack Obama speaks during his meeting with Trans-Pacific Partnership leaders during the APEC summit in Honolulu, Hawaii, Saturday, Nov. 12, 2011.

President Barack Obama has announced that the United States and eight other Pacific nations have reached the broad outlines of an agreement to create a Trans-Pacific Partnership to liberalize trade.  

Negotiations aimed at finalizing the new trade group, composed of nations already members of the larger 21 member APEC group, have been going on for months.

Though the fine details and difficulty of the talks prevented any final agreement being announced in Honolulu, the conclusion of a framework for TPP was expected.

Mr. Obama said the accord, with a group of nations already doing some $200 billion in trade with the United States each year, will have benefits for all concerned. "The TPP will boost our economies, lowering barriers to trade and investment, increasing exports and creating more jobs for our people, which is my number one priority," he said.

Aside from the United States, other nations in TPP include Australia, New Zealand, Malaysia, Brunei, Singapore, Vietnam, Chile and Peru.  Japan was expected to announce it would join.

The president said TPP nations have directed teams to complete work on "plenty of details" remaining so the agreement can be finalized within the coming year, and he voiced optimism this can be achieved.   

Mr. Obama noted that APEC itself had years ago established a goal of establishing a Pacific-wide free trade area.  TPP he said now has the potential to be a model, and addresses issues such as market regulation, workers rights, and the environment.

In remarks later as he met with business executives, Mr. Obama also spoke about developments in Europe.  

The president said Europe as a whole must support its members, such as Italy and Greece, as they apply structural reforms to give confidence to markets. "We are not going to see massive growth out of Europe until the problem is resolved, and that will have a dampening effect on the overall global economy," he said.

Connecting European fiscal problems to the objectives of his nine-day Asia-Pacific trip, Mr. Obama said if European problems can be "contained" the Asia-Pacific region, with half of global trade and GDP , can be an "extraordinary engine for growth" by moving to further reduce trade and investment barriers.

You May Like

Myanmar Fighting Poses Dilemma for China

To gain some insight into conflict, VOA’s Steve Herman spoke with Min Zaw Oo, director of ceasefire negotiation and implementation at Myanmar Peace Center More

Australia Concerned Over Islamic State 'Brides'

Canberra believes there are between 30 and 40 Australian women who have taken part in terror attacks or are supporting the Islamic State terror network More

Recreational Marijuana Use Now Legal in Washington, DC

Law allows adults 21 and over to privately possess and smoke 0.05 kilogram of pot, and to grow small amounts of the plant More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More