Obama Boosts Hopes For Free Trade In Asia-Pacific

JEAN H. LEE

SINGAPORE (AP) — President Barack Obama raised hopes for creating an Asia-Pacific free-trade region by announcing Saturday that the U.S. would seek to join a smaller group seen as a precursor to a broader Pacific Rim agreement.

News that the U.S. would participate in the Trans-Pacific Partnership, joining Chile, New Zealand, Singapore and Brunei, was announced in Tokyo and Singapore, drawing applause at the annual Asia-Pacific Economic Cooperation forum.

"Significant steps like the TPP are important to help keep up the momentum in our efforts to realize the ... vision" to create a region-wide free trade area, Singapore Prime Minister Lee Hsien Loong told other leaders at their weekend summit here.

There have been concerns that the U.S., the world's biggest economy, and other nations might turn inward as they grapple with the worst global financial crisis in decades.

Obama's move reinforced calls for expanding free trade rather than resorting to protectionist measures to cope with the recession. He pushed for progress on talks to liberalize world trade.

"In this new era, opening other markets around the globe will be critical not just to America's prosperity, but to the world's," Obama said in Tokyo before departing for the APEC forum.