November 17, 2010 09:29
U.S. President Barack Obama is hoping for an early conclusion of the Trans-Pacific Partnership, a multilateral free trade agreement for the Pacific Rim region, the Mainichi Shimbun reported on Tuesday.
Experts speculate that Obama wants to settle the TPP before he runs for a second term in 2012, in hopes that a boost in exports will help the U.S.' economic recovery.
The TPP is a multilateral free-trade regime launched by Singapore, New Zealand, Chile and Brunei in 2006. It aims to abolish all customs duties by 2015. Following the U.S., Australia, Peru, Vietnam, Malaysia, and Japan have also applied to join talks.
In a summit of TPP countries right after the Asia-Pacific Economic Cooperation summit came to an end in Yokohama on Sunday, Obama expressed hope that the TPP negotiations will be settled before next year's APEC summit in Hawaii.
- Copyright © Chosunilbo & Chosun.com