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SINGAPORE: Leaders from the Asia-Pacific Economic Cooperation (APEC) will be meeting in Singapore for a summit in two weeks, and the spotlight will be on US President Barack Obama, as he spearheads US efforts to promote trade with the region.
According to former Deputy US Trade Representative Peter Allgeier, APEC is an important forum for the US.
"First of all, there has been a lot of work within APEC to promote regional economic integration and good policies. It has been able to continue and build on that work. The other thing is that it is a very collaborative kind of organisation, it is not a confrontational one," said Mr Allgeier.
Speaking at a seminar in Singapore, he singled out the services sector as one key area of cooperation, especially in sectors such as financial services, telecoms, energy, environment and information technology.
The US is in the process of working out a free trade pact with South Korea, and when passed by Congress, it is likely to signal the beginning of stronger US involvement in the Asia Pacific.
"The next step really, is for ratification by both governments. Carrying that final step would be a sign that the United States is going to be increasingly engaged in Asia, and I think frankly, it is very much in our economic interests to approve that agreement," Mr Allgeier said.
Looking ahead to the APEC summit, Mr Allgeier said that the meeting between President Obama and ten ASEAN leaders would likely open many trade doors. However, it would be premature to expect any talk about an FTA between the US and this region at the summit.
- CNA/sc
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