US courts Australia in Pacific free trade push
The US has spoken out about its desire to unite with Australia, New Zealand, Peru, Singapore, Malaysia, Vietnam and other nations in a powerful trans-Pacific free trade bloc.
The multilateral free trade agreement, known as the Trans-Pacific Partnership (TPP), will be high on the agenda when US President Barack Obama meets with Australian Prime Minister Julia Gillard and other leaders at the Asia-Pacific Economic Forum (APEC) in Hawaii next week and when Mr Obama flies to Australia later this month.
"The goal of the cutting-edge TPP is to unite Peru, Chile and the United States with New Zealand, Australia, Malaysia, Vietnam, Singapore, Brunei and eventually future members in a single trading community using the highest standards," US Deputy Secretary of State William J. Burns said during an address to the World Affairs Councils of America National Conference in Washington DC on Friday.
"In so doing, we and our partners hope to foster not just more growth, but better growth on both sides of the Pacific."
US Secretary of State Hillary Clinton has been vocal in recent weeks about America's desire to switch its focus from hot spots of the last decade, Iraq and Afghanistan, to the Asia-Pacific.
"Eventually, we would like to see a high-quality TPP become the foundation for a Free Trade Area of the Asia-Pacific," Mr Burns said.