Singapore, Nov 14 (DPA) The US Saturday announced its readiness to engage in the Trans-Pacific Partnership free trade deal as an initial step towards moulding a region-wide free trade agreement (FTA) with the Asia-Pacific.
The announcement was made in Tokyo Saturday by US President Barack Obama, according to US Trade Representative Ron Kirk.

“President Obama announced that the US will engage with our partners in APEC in the Trans-Pacific Partnership,” Kirk told the Asia-Pacific Economic Cooperation (APEC) CEO summit in Singapore.

The Trans-Pacific Strategic Economic Partnership Agreement (TPP), is a little-known FTA set up in 2005 between Brunei, Chile, New Zealand and Singapore that some are hoping will be used as model for a region-wide FTA for the Asia-Pacific.

Obama will travel to Singapore Saturday night to attend an APEC leaders’ summit this weekend.

Kirk, Obama’s chief trade adviser, said the US involvement with the TPP would be done with close consultations with Congress and the US business community.

“We seek with current and future TPP participants to shape a platform with the scope and coverage and high standards to successfully integrate the Asia-Pacific economies,” Kirk said.

Singapore Prime Minister Lee Hsien Loong Friday mooted the TPP as a model for a region-wide free trade agreement.

“The US, Australia, Peru and Vietnam have expressed their interest to join,” he said.

The US willingness to join the TPP may prove an important gesture that the US is serious about “re-engaging” with the region, which many Asian leaders feel has been ignored under the previous administration.

Singapore’s Senior Statesman Lee Kuan Yew Friday warned the US to take a more active economic role in East Asia or risk losing its dominant position as the leading economic and military force.

“Over the past eight years America was so preoccupied with Iraq, Afghanistan and Iran that it has left East Asia fallow,” Lee said.

He noted that the US has only inked an FTA with Singapore in the region to date, while the Association of South-East Asian Nations has recently set up FTAs with China, India and South Korea.

“If it goes on like this after a few years they (the US) are out of the economic race, and if you are out of the economic race you will lose in the long run,” Lee warned.