(Image Source: All Hawaii News)


BY STEVEN HSEIH
ANCHOR LAUREN GORES


President Barack Obama and eight other leaders in the Trans-Pacific region laid the groundwork for a free trade partnership over the weekend. Three other important economies, including Japan, expressed interest in joining.


The meeting took place in Honolulu at the annual APEC forum, where Mr. Obama affirmed the importance of the region to the U.S. economy…


“We’re not going to be able to put our folks back to work, and grow our economy, and expand opportunity, unless the Asia-Pacific region is also successful.”


The Trans-Pacific Partnership, or TPP, currently includes the United States, Australia, New Zealand, Singapore, Malaysia, Brunei, Chile and Peru.


The Associated Press reports – Canada and Mexico both expressed interest in joining the initiative on Sunday. But the biggest boost could come from Japan – which announced it wants in-- despite condemnation from the country’s agricultural lobby, according to the BBC.


“If the tariffs are removed completely, all kinds of agricultural products will come from all around the world. Japanese farming is known to be very costly. If there are imports, I don’t think it’s impossible for Japanese farmers to survive, but their situation will be very serious.”


As tension develops between the U.S. and China – Chinese officials say they will “earnestly study” the initiative to decide whether to join.


But with U.S. priorities at the heart of the pact, an anchor for Australia’s ABC says – that’s unlikely.


“As one commentator described it, this partnership focuses on labour, the environment, intellectual property protection, rules against currency manipulation and favouritism of state-owned enterprises. It's almost as if it has been deliberately designed to exclude China.”


When will we see a concrete plan? Singapore’s Prime Minister Lee Hsien Loong says it could take some time to work out the details.


“We have to strike a right balance. I know negotiators are working hard. I hope will we come up with something substantive eventually. I don’t think we’ll have a deal this year. I hope we’ll have some framework defined.”


Reuters reports – the addition of Japan would create an economic group about 40 percent larger than the EU.