Asia-Pacific Nations Sign Huge Trade Deal With China While U.S.
He was replying to a reporter’s question on whether the U.S. should join a major trade deal, the Regional Comprehensive Economic Partnership, that 15 Asia-Pacific countries signed on Sunday.
The Peterson Institute for International Economics estimates the new deal could potentially grow the global economy by an annual $186 billion.
It will deliver modest benefits at the outset, according to Deborah Elms, founder and executive director of the Singapore-based Asian Trade Center.
President Barack Obama championed the trans-Pacific trade pact as a hedge against China writing the global trade rules for the 21st century.