U.S. to negotiate joining trans-Pacific FTA

Asian Economic News, Sept 29, 2008

NEW YORK, Sept. 22 Kyodo

The United States will start negotiations to join a trans-Pacific free trade agreement forged by Brunei, Chile, New Zealand and Singapore, U.S. Trade Representative Susan Schwab said Monday.

''We need to ensure that our trade will continue to expand so that it can contribute to U.S. economic growth in the future,'' she said in a statement.

''Strengthening our economic ties to the trans-Pacific region is vital to achieving this goal because of the economic significance of this region now and in the future,'' she said.

Schwab made the announcement after a meeting with her counterparts from the four countries that form the Trans-Pacific Strategic Economic Partnership Agreement -- Brunei Foreign Affairs and Trade Minister 2 Lim Jock Seng, Chilean Foreign Minister Alejandro Foxley, New Zealand Trade Minister Phil Goff and Singapore Foreign Minister George Yeo.

The trans-Pacific FTA took effect in 2006. The United States, which has bilateral FTAs with Chile and Singapore, began negotiations on a financial services and investment deal with the four countries with an eye on eventually joining the trans-Pacific FTA.

Schwab said starting talks to join the trans-Pacific FTA will raise hopes for congressional approval of FTAs with Colombia, Panama and South Korea, and help bring the ailing Doha Round of global market-opening negotiations to a successful conclusion.

''We are particularly interested in this high-standard agreement potentially serving as a vehicle for advancing trade and investment liberalization and integration across the Trans-Pacific region and perhaps beyond,'' she said.

''Ultimately, the objective is to expand the membership of the agreement to other nations that share our vision of free and fair trade,'' she added.