Trade Agreements Blog

News and Resources to Help Your Business Manage Trade Agreements

US Trade Representative Ron Kirk announced in late December that the US is seeking to negotiate a trade pact with several Asia-Pacific and South American nations to encourage trade growth during a rebounding economy.

Image courtesy: Wikimedia Commons

President Obama will be soon negotiating a regional, Asia-Pacific trade agreement, known as the Trans-Pacific Partnership (TPP) Agreement, with the objective of shaping a high-standard, broad-based regional pact.

At the recent “APEC and the USA: Looking to 2011 and Beyond” event, Ambassador Ron Kirk stated:

“Because the Asia-Pacific is so vital to America’s economic future, we have also decided to participate in the Trans-Pacific Partnership. Because my vision for America’s Asia-Pacific trade is not limited to one organization, but will embrace every opportunity for growth.

Image Courtesy: Koshyk

“Through the Trans-Pacific Partnership, we have the opportunity to expand U.S. trade in the Asia-Pacific by negotiating and shaping a high-standard trade agreement with key Asia-Pacific economic partners. Right now, the TPP includes Australia, Brunei, Chile, New Zealand, Peru, Singapore, and Vietnam- partners that are geographically and developmentally diverse, but are of one mind in their ambition. Our participation is based on the shared objective of expanding this group to include additional Asia-Pacific economies in what will become the largest, most dynamic trade collaboration of our time.”

If you’re up-to-date on your trade agreements, you’ll recognize that the US already has existing free trade agreements in place with several of these countries – Australia, Chile, Peru & Singapore.

The estimated trade between the US and these regions is approximately $25 billion making this a very powerful trade agreement. With the potential of adding South Korea, Japan, the TPP could grow to be on par with, or larger than, the recent EU-Korea trade agreement ($95 billion) and by including Mexico and Canada, TPP would be even larger than NAFTA ($1 trillion).

The office of the US Trade Rep also announced a new website to provide the public with information regarding the TPP – http://www.ustr.gov/tpp – but it has yet to appear.

The office of the USTR is also seeking public comment by interested parties on this intended trade agreement. Comments must be submitted by January 25th, 2010. USTR will then hold public hearings in early 2010.

• See how to comment in the Federal Register. (PDF courtesy Wiley Rein LLP)
• What specific topics does the USTR need comments for? Read more at Lexology.

USTR Ron Kirk Remarks On Trans-Pacific Partnership Negotiations:

• Read more of the US Trade Rep’s remarks on this free trade agreement

Trans-Pacific Partnership Announcement:

• Additional information courtesy of the USTR.