Chamber lauds P-4 arrangement, seeks more participation

Chamber lauds P-4 arrangement, seeks more participation The U.S. Chamber of Commerce said it commends negotiations between the United States and four Pacific nations intended to open financial services and investment markets.
   The Pacific-Four trade agreement would link Singapore, Chile, New Zealand and Brunei.
   “Great oaks from little acorns grow,” said Myron Brilliant, the Chamber’s vice president for Asia, in a statement. “The business community hopes more countries will join in. This agreement could be a catalyst to open markets for U.S. exports across the Asia-Pacific region, which accounts for half the world economy.”
   The negotiations on financial services and investment will build on an existing agreement between the four countries known as the Trans-Pacific Strategic Economic Partnership, which is based on the U.S. free trade agreements with Singapore and Chile, the chamber said.
   “Upon completion of the negotiations, the chamber hopes other countries with which the U.S. has existing FTAs, such as Australia, Mexico and Peru, will enter into the P-4 agreement,” the chamber said. “This ‘P-plus’ arrangement could lay the foundation for a free trade accord among the 21 members of the Asia Pacific Economic Cooperation forum.”