International trade and investment institutions are the latest contest issues between Beijing and the Washington-Tokyo alliance for influence in Asia.
“China wants to write the rules for the world’s fastest-growing region,” the US President said in his January State of the Union address to Congress. “Why should we let that happen? We should write those rules.”
Earlier on Thursday, US lawmakers agreed a deal that would “fast-track” the Obama administration’s ability to draft international trade bills and move them through Congress. It would permit President Barack Obama to expedite the process of authorizing trade deals like the Trans-Pacific Partnership.
Trans-Pacific Partnership agreement is the largest trade deal since the North American Free Trade Agreement of 1994. The implementation of the partnership is currently one of the major points of the Obama administration’s foreign agenda.
The agreement provides for a complete abolition of custom duties between the member countries. At the beginning it was joined by Chile, New Zealand, Brunei and Singapore and later by the United States and other Pacific countries of the Americas, Australia, Japan and several other nations.
Article Appeared @http://rt.com/business/250497-obama-economy-china-trade/