Barack Obama, Yoshihiko Noda meet in Cambodia PHNOM PENH, Cambodia, Nov. 20 (UPI) -- U.S. President Barack Obama met with Japanese Prime Minister Yoshihiko Noda in Cambodia Tuesday, said the meeting helped "reaffirm" the bilateral alliance. The two met in the Cambodian capital of Phnom Penh on the sidelines of the summits of the Association of Southeast Asian Nations, the Trans-Pacific Partnership and the East Asian Summit. Cambodia was the last stop on President Obama's three-nation Asia visit, which also included Thailand and Myanmar. The two leaders were meeting amid rising tensions between Japan and China relating to their competing territorial claims over the Japanese-controlled Senkaku Islands (referred to as Diaoyu Islands by China) in the East China Sea. The United States, which has no involvement in the dispute, seeks its peaceful resolution. Obama said his meeting with Noda was "another opportunity for us to reaffirm the extraordinary alliance," a pool report of their meeting said. The president said he would discuss "the economic issues that the world is facing right now" and it would be "very important for us to coordinate effectively" on trade, investment and jobs. Japan's economy, the third largest in the world after that of the United States and China, is facing the threat of another recession as its exports have been hit by the global economic crisis and tensions with China that have seriously affected its trade with the Communist country. Japan's economy contracted 0.9 percent in the July-September quarter from the previous quarter, and another contraction in the next quarter could push into a recession. Noda, facing increasing political pressure, last week dissolved the lower house of Parliament, paving the way for early elections Dec. 16, which could result in the defeat of his ruling Democratic Party of Japan, which has been in office since 2009. In his comments about the meeting with Obama, Noda congratulated him on his re-election and expressed approval of the administration's Asia-Pacific pivot policy, which has come into force with the growth of China's military might and its growing territorial claims in the waters around its region. "I welcome the U.S. policy to place importance on the Asia-Pacific region," Noda said through a translator, adding, "With the increasing severity of the security environment in East Asia, the importance of the Japan-U.S. alliance is increasing." The pool report said the Obama-Noda talks included U.S. Secretary of State Hillary Clinton and other U.S. officials. Japan's Kyodo News, quoting sources, reported Noda was expected to express a positive stance toward Japan's participation in the Trans-Pacific Partnership. The TPP is a U.S. initiative to bring 10 other countries in Asia and the Western Hemisphere under a free-trade agreement. Those countries are Singapore, Australia, New Zealand, Chile, Peru, Malaysia, Vietnam and Brunei, Canada and Mexico. Japan's farming sector opposes the TPP, fearing dumping of cheaper produce from other nations because of lower tariffs. The next round of TPP is set for next month in New Zealand. Kyodo quoted a Japanese government official as saying Noda and Obama were also likely to exchange views on maritime security in Asia. Obama was also scheduled Tuesday to meet Chinese Premier Wen Jiabao, who is expected to leave office in March as part of China's recent leadership transition.