President Barack Obama says it appears that an agreement to avoid the fiscal cliff is 'in sight,' but says it's not yet complete and work continues. (Dec. 31)
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President Barack Obama says it appears that an agreement to avoid the fiscal cliff is 'in sight,' but says it's not yet complete and work continues. (Dec. 31)
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President Barack Obama is urging Congress to pass an extension of tax cuts for middle class families, saying a tax increase for them would be like a 'lump of coal' for Christmas. Or worse, a 'scrooge Christmas.' (Nov. 30)
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Supporters of President Barack Obama react to favorable media projections at the McCormick Place during an election night watch party in Chicago on Tuesday, Nov. 6, 2012. (AP Photo/Jerome Delay)
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In this photo combo, Republican presidential candidate, former Massachusetts Gov. Mitt Romney gestures to supporters during his election night rally in Boston, left, and President Barack Obama waves to the crowd of supporters at his election night party in Chicago, Wednesday, Nov. 7, 2012. Obama defeated Romney to win a second term. (AP Photos)
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President Barack Obama waves as he walks on stage with first lady Michelle Obama and daughters Malia and Sasha at his election night party Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Carolyn Kaster)
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Republican presidential candidate and former Massachusetts Gov. Mitt Romney waves to supporters during his election night rally, Wednesday, Nov. 7, 2012, in Boston. (AP Photo/David Goldman)
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President Barack Obama, first lady Michelle Obama, Vice President Joe Biden and Jill Biden acknowledge the crowd at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
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President Barack Obama waves to his supporters after his speech at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Pablo Martinez Monsivais)
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President Barack Obama and first lady Michelle Obama wave at his election night party Wednesday, Nov. 7, 2012, in Chicago. President Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney. (AP Photo/Chris Carlson)
US trade shift 'won't delay Pacific deal'
America's decision to pursue a trans-Atlantic free-trade deal won't delay the ambitious Pacific negotiations involving Australia, a senior US trade official has assured.
US President Barack Obama announced during his State of the Union address earlier this month that his administration had decided to launch comprehensive free-trade negotiations with the European Union.
But State Department Assistant Secretary Jose Fernandez says those negotiations will not distract America from the Trans-Pacific Partnership (TPP), an ambitious set of talks currently involving 11 countries.
"That's not going to be a problem," Mr Fernandez told reporters from Singapore on Thursday during a visit to the region.
"We can walk and chew gum at the same time."
Mr Fernandez says the US still hopes to finalise the the TPP this year, with the 16th round of negotiations about to begin in Singapore.
The Australian government lists the TPP as one of its top trade priorities, but Labor's staunch opposition to what are known as investor-state dispute settlement clauses has proven contentious.
Such clauses typically give businesses from one country the power to take international legal action against the government of another over agreement breaches.
Mr Fernandez urged Australia to keep its eye on the ultimate goal.
"We think that Australia has much to gain from a TPP," he said.
"Let's just focus on the long term, which is creating economic conditions for trade and investment to help all of us."
Mr Fernandez's visit came as global banking group HSBC released a new trade forecast report that predicts Asia's urbanisation will prompt a shift in the composition of Australia's exports and trade partners in the region.
HSBC says that by 2030, Australia's exports will shift from industrial commodities, like iron ore, to commodities needed to support Asia's more sophisticated consumer needs like base metals and mineral fuels.
The TPP began as an obscure 2006 deal between Brunei, Chile, New Zealand and Singapore.
Australia, the US, Canada, Malaysia, Mexico, Peru and Vietnam are seeking to be part of an expanded deal.
There are hopes it will serve as a building block for the ultimate goal of a free-trade deal covering all 21 APEC countries.
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