U.S. trade officials have formally notified the U.S. Congress of President Barack Obama’s intention to negotiate a regional free trade deal with Vietnam, New Zealand, Singapore, Chile and three other countries in the Asia-Pacific region.

The action Monday came with the future of the eight-year-old Doha round of world trade talks in doubt. Also, Mr. Obama is delaying, because of concerns from his Democratic Party, the submission to Congress of trade deals with Colombia, Panama and South Korea that were negotiated by his predecessor, George W. Bush.
The U.S. trade representative, Ron Kirk, said the United States’ participation in the Trans-Pacific Partnership agreement would be vital to reversing “a significant decline” in U.S. export market share over the past decade in the fast-growing Asia-Pacific region.
It also “provides an opportunity to develop a new model for U.S. trade negotiations and a new regional approach that focuses more on jobs, enhances U.S. competitiveness and ensures that the benefits of our trade agreements are shared by all Americans,” Mr. Kirk said in a letter to congressional leaders.
Mr. Obama, in his first major trade initiative since taking office, announced last month in Tokyo that the United States would negotiate to join the Trans-Pacific Partnership, which already includes Chile, Singapore, New Zealand and Brunei.
Australia, Peru and Vietnam also want to join the pact, which the United States hopes will eventually be expanded to additional countries in the Asia-Pacific region, Mr. Kirk said.
The eight countries are expected to hold the first round of negotiations on the agreement in March. Many believe there is an informal goal of reaching a deal by the time Mr. Obama is host to Asia-Pacific leaders in Honolulu in late 2011.
(Source: Reuters)
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