Space Travel News  
TRADE WARS
Xi warns of rival free trade pact 'fragmentation'
By Andrew BEATTY
Manila (AFP) Nov 18, 2015


China's President Xi Jinping Wednesday urged Asian economies to sign up to its free trade agreement, warning that rival pacts risked causing "fragmentation" among regional nations.

Both China and the United States are pushing their own free trade visions for the economically vibrant and populous region.

Last month 12 Pacific nations finally reached an agreement on the US-led Trans-Pacific Partnership pact, a major diplomatic coup for Washington.

China is pointedly excluded from the TPP, part of Washington's attempt to ramp up influence in the region with its "pivot" to Asia.

Beijing has instead pushed its own agreement, the Free Trade Area of the Asia-Pacific (FTAAP)

"With various new regional free trade arrangements cropping up there have been worries about the potential of fragmentation. We therefore need to accelerate the realisation of FTAAP and take regional economic integration forward," Xi said.

The Chinese leader gave his remarks to business leaders in Manila, hours before he is due to meet US President Barack Obama on stage at the the regional Asia-Pacific Economic Cooperation (APEC) summit in the Philippine capital.

As he spoke, leaders from the 12 TPP nations met and extolled the pact's economic benefits, in an effort to smooth domestic hurdles to ratification.

In a joint statement released after their meeting in Manila, the leaders heralded the "high-standard" pact as offering a "new and compelling model for trade in one of the world's fastest growing and most dynamic regions".

- Hard sell -

The proposed Trans-Pacific Partnership (TPP) would be the world's largest, grouping 800 million people in countries as diverse as the United States, Japan and Brunei Darussalam.

South Korea and Indonesia have also both signalled interest in joining.

But it is far from a forgone conclusion that the pact agreed in October will be implemented.

In the United States, Obama must overcome opposition from within his own Democratic party to get the deal through Congress before he steps down in early 2017.

The 11 other nations also have to get sign off from their legislatures.

The APEC gathering is supposed to focus on trade but has already been sidetracked by the contest for the South China Sea, where Beijing's programme of island building on disputed shoals and reefs has rattled neighbours.

On Tuesday Obama offered the Philippines a warship as part of a $250-million aid package to Southeast Asian allies worried about Chinese efforts to control strategic sea.

Beijing insists APEC is a trade forum and not a place to discuss regional security issues.

Xi made no mention of the South China Sea in his speech but he did call on Pacific nations to "resolve our differences through dialogue and consultation".

"We must focus on development and spare no effort to foster an environment of peace conducive to development and never allow anything to disrupt the development process," he added.

He also said the world's second largest economy was still in good health despite recent scares.

"In general China's positive economic fundamentals and long term trajectory remain unchanged," he said.

Growth in the world's second-largest economy has slowed to its lowest rates since the aftermath of the global financial crisis.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
TRADE WARS
Pakistan army chief heads to US as pressure grows over Afghanistan
Islamabad (AFP) Nov 14, 2015
Pakistan's influential military chief will visit the US from Sunday, a trip analysts say will underscore security issues facing Islamabad and Washington in the region as well as the imbalance in civilian-military power in Pakistan. The November 15-20 visit - apparently instigated by General Raheel Sharif - comes weeks after Prime Minister Nawaz Sharif met with US President Barack Obama at ... read more


TRADE WARS
Recycled power plant equipment bolsters ULA in its energy efficiency

Purchase of building at Ellington a key step in Houston Spaceport development plans

More launches ahead for UH's Hawaii Space Flight Laboratory

LISA Pathfinder topped off for Vega launch that will test Relativity

TRADE WARS
Curiosity Mars Rover Heads Toward Active Dunes

Upgrade Helps NASA Study Mineral Veins on Mars

Dust devils detected by seismometer could guide Mars mission

Amnesia Event Slows Down Opportunity Robotic Arm Work

TRADE WARS
Gaia's sensors scan a lunar transit

SwRI scientists explain why moon rocks contain fewer volatiles than Earth's

All-female Russian crew starts Moon mission test

Russian moon mission would need 4 Angara-A5V launches

TRADE WARS
Astronomers spot most distant object in the solar system

New Horizons Yields Wealth of Discovery from Pluto Flyby

Ammonia-Water Slurry May Swirl Below Pluto's Icy Surface

New Horizons Completes Targeting Maneuvers

TRADE WARS
Rocket Scientists to Launch Planet-Finding Telescope

5400mph winds discovered hurtling around planet outside solar system

New exoplanet in our neighborhood

Asteroid ripped apart to form star's glowing ring system

TRADE WARS
Crew Dragon Propulsion System Completes Development Testing

BAE and Reaction Engines to develop a new aerospace engine

Rocket Lab selects Alaska Aerospace for electron launch range safety

Antares rocket engine failure causes

TRADE WARS
China to launch Dark Matter Satellite in mid-December

China to better integrate satellite applications with Internet

China's satellite expo opens

New rocket readies for liftoff in 2016

TRADE WARS
Secondhand Spacecraft Has Firsthand Asteroid Experience

The colors of Comet Churyumov-Gerasimenko

Rosetta and Philae: one year since landing on a comet

Mercury Gets a Meteoroid Shower from Comet Encke









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.