US Secretary of State John Kerry says countries involved in negotiations for the Trans-Pacific Partnership are clear about the benefits of the deal, although recent talks in Hawaii failed to reach a conclusive agreement.

SINGAPORE: The United States will not slow down its engagement efforts with the Asia-Pacific, stressed US Secretary of State John Kerry on Tuesday (Aug 4), and top of the US agenda is to deepen trade relations and one key aspect of this is to finalise the Trans-Pacific Partnership (TPP).

This trade deal aims to do more than just creating economic opportunities within the region. It will also clarify and standardise trade rules.

Mr Kerry said that under this pact, countries will have to comply with international labour and environmental standards. Businesses will also be deterred from employing under-age workers. He was speaking at the Singapore Management University as part of his one-day state visit to the country, his first since his appointment as America's top diplomat in 2013.

Singapore and other Southeast Asian nations such as Malaysia and Vietnam are part of this 12-nation trade deal that is currently being negotiated. Talks on the issue in Hawaii a few days ago failed to reach a conclusive agreement. But Mr Kerry said that the countries involved are clear about the benefits of the deal.

"No country can expect its economy to grow simply by buying and selling to its own people. It's just not going to happen. It defies the laws of economics. Trade is a job creator and prosperity builder, period," said Mr Kerry.

He will next head to Kuala Lumpur, Malaysia over the next two days for a regional security forum in which China’s growing presence in the South China Sea is likely to be a major topic of discussion.

Source: CNA

• Is Vietnam a Market Economy? U.S. Considers Status Upgrade
• Vietnam should seize opportunity to join global semiconductor supply chain
• Green economy, digital economy breakthrough of Vietnam-China ties: PM
• ASEAN steel industry needs support for decarbonization
• The fruit and vegetable industry has plenty of room for export in the five largest markets