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Follow on Google News | Obama Pitches Asia-Pacific Free Trade ZoneUS president Barack Obama has announced the outlines of a plan to create a trans-Pacific free trade zone.
China, the regional economic giant which is set to overtake the United States as the world's largest economy this decade, is reportedly lacking enthusiasm on the pact, however, with officials describing the proposal as "overly ambitious". China's reluctance to endorse such a plan likely reflects its wariness of being drawn into what has become a U.S.-led initiative, even though the current TPP membership includes only Chile, New Zealand, Brunei and Singapore. The U.S., Australia, Malaysia, Vietnam and Peru are negotiating to join. Chinese President Hu Jintao, in a speech to business leaders on the sidelines of the summit, reiterated China's support for an earlier-proposed APEC-wide free trade zone. On Friday, the country's trade minister, nonetheless, said Beijing would seriously consider joining the TPP if invited. The Trans-Pacific Partnership (TPP), by promoting free trade, could spur global economic growth. With Europe moving toward recession, a fast-growing Asia-Pacific region could be an engine for faster global economic growth. Forecasts of the International Monetary Fund have said that Asia is expected to grow 8% next year, about four times faster than the United States. The outline for the free trade pact announced by Obama and other leaders pledges to work toward eliminating tariffs and other barriers to trade and investment, facilitating trade and other business, harmonizing regulatory standards, aiding small and medium-size companies and contributing to development and poverty relief. Japan, the world's third-largest economy, has also signalled that it wants to join the negotiations on the Trans-Pacific Partnership, and the Obama administration hopes other nations will be wooed as well. In all, 21 APEC countries account for about 44% of global trade and make up some 40% of the world's population. # # # Nichols & Meyer Capital Partners provides comprehensive wealth management and financial services with the goal of helping clients to maximize the utilization of their financial resources. We take an intensely personal approach in managing our clients’ wealth and focus on enabling the achievement of life goals based upon each client's unique situation, individual needs and risk tolerance. With offices in the United Kingdom, Malaysia and Hong Kong, Nichols & Meyer provides international expertise and access to global markets and opportunities. http://www.nmcap.com End
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