Asia-Pacific nations sign new trade framework

The US and eight other Pacific nations agreed on the framework for a new free-trade pact during the Asia-Pacific Economic Cooperation (APEC) forum in Honolulu, The Wall Street Journal reported. The new Trans-Pacific Partnership (TPP) is the result of two years of negotiation with Singapore, Chile, Australia, Peru, New Zealand, Malaysia, Brunei and Vietnam. Japan has moved to join the group and Canada has expressed interest. Chinese president Hu Jintao has said the TPP could help forward China’s trade goals in the region, which would be a shift from the country’s current strategy of focusing on engagement with the Association of Southeast Asian Nations (ASEAN), an organization that does not include the United States. US president Barack Obama announced the progress on the TPP on Saturday, saying, “The United States is a Pacific power and we are here to stay.”