10 seconds ago 2009-11-23T09:55:04-08:00
WASHINGTON (Reuters) – A top Democratic U.S. senator on Tuesday urged President Barack Obama to announce the United States will join trade talks with Vietnam, New Zealand and others as part of an emerging transpacific trading bloc.
Senate Finance Committee Chairman Max Baucus also urged Obama to move more quickly to resolve concerns blocking approval of free trade agreements with South Korea, Panama and Colombia.
"We've got to trade or fade," Baucus said in a speech at George Washington University, adding that he felt the "palpable" absence of a comprehensive U.S. trade policy 10 months after Obama took office.
Obama leaves on Thursday on an Asian tour that includes stops in Japan, China and South Korea.
The U.S. leader will attend the annual summit meeting of the Asia Pacific Economic Cooperation forum in Singapore with 20 other regional leaders.
Many U.S. businesses fear the United States could be left out of fast-forming trading arrangements in East Asia if Obama does not push forward on the South Korean trade deal and pursue other initiatives.
Obama's predecessor, George W. Bush, pledged U.S. participation in the Transpacific Partnership pact, which includes Singapore, Chile, New Zealand and Brunei.
The United States already has free trade agreements with Singapore and Chile but would have to reach deals with New Zealand and Brunei to become a full member of the pact.
Other Asia Pacific countries such as Vietnam and U.S. free trade partner Australia plan to join the pact, which supporters hope will be the basis for a wider regional agreement bridging the United States and key Asian nations.
(Reporting by Doug Palmer; Editing by Paul Simao)
