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MOSCOW: Russian President Vladimir Putin criticised on Tuesday the way the US-backed Trans-Pacific Partnership trade deal is being arranged, saying the “clandestine talks” do not promote stability in Asia Pacific.
His comments were published on the Kremlin website just days before the Nov 18-19 summit of Asia-Pacific Economic Cooperation (APEC), which the Russian leader said should play a greater role in regional trade.
The TPP deal, reached on Oct 5, aims to liberalise commerce in 40 per cent of the world’s economy.
Putin, in his article posted on the Kremlin website, said the creation of new trade zones has promoted liberalisation of trade and investments in the Asia Pacific region. Russia is not a part of TPP. “However, the confidential nature of Trans-Pacific Partnership (TPP) hardly facilitates sustainable development of Asia Pacific,” Putin said, without elaborating.
Obama wants a 12-nation TPP to help boost US influence in East Asia and counter the rise of China. Beijing officially welcomed the pact, saying it hoped the deal would promote Asia-Pacific trade.
APEC, which accounts for 60pc of global output and nearly half of world trade, is aiming for a larger free-trade area for its 21 economies by 2025, but a re-emergence in some states of protectionism as growth stutters could be a hindrance.
Published in Dawn, November 18th, 2015
