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Obama to target yuan again (3)

By Yang Jingjie (Global Times)

09:03, November 11, 2011

Reuters commented that the TPP pact, a possible template for an APEC-wide trade zone, would help inject the US into the heart of Asia's regional trade architecture.

China has not been invited to the partnership, and Assistant Commerce Minister Yu Jianhua told a briefing Monday that any such mechanism should be "open and inclusive" rather than exclusive, and should not replace multilateral regimes, such as the one proposed under the ongoing Doha round of trade negotiations.

Shen Minghui, another researcher with the IAPS, said being excluded from the TPP would affect China's trade.

"I think China is willing to join the TPP, but is blocked by harsh prerequisites to gaining membership. The US raised the threshold on purpose to set obstacles for China," Shen said.

Yu said Monday that in general, "TPP has set very high benchmarks. We'll have to wait and see whether or not all these members will reach that high benchmark."

Lu noted that a number of countries involved in the TPP overlap with those in the 10+3 model (10 countries of ASEAN and China, Japan and South Korea), which will weaken the East Asian economic integration advocated by China.

Apart from regional issues, the summit is also being overshadowed by the ongoing eurozone debt crisis. An unnamed US official told AFP that the summit will produce a "strong communiqué" on the situation in Europe when it ends Sunday.

Australian Treasurer Wayne Swan urged unity among Asia-Pacific countries, saying every APEC economy had felt the "chill wind" of economic events in Europe as well as the US, where the recovery has moved in fits and starts.

Agencies contributed to this story

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Chung at 2011-11-11175.140.147.*
Washington is not just double-standard but triple-standard!
  

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