U.S. failure to approve TPP would symbolize declining interest in Asia: CRS report
WASHINGTON, Nov. 27 (Yonhap) -- Many Asian nations could take a U.S. failure to ratify the Trans Pacific Partnership (TPP) as an indication of declining U.S. interest in the region despite President Barack Obama's "rebalance" to Asia policy, a congressional report said.
Obama notified Congress early this month of his intention to sign the 12-nation free trade deal concluded last month, kicking off a 90-day waiting period, after which he can sign it and seek ratification of the deal from Congress.
The deal, which would create the world's largest trading bloc, accounting for about 40 percent of global gross domestic product, is expected to go through a hard time in the Republican-controlled Congress as not only Republicans, but also some members of Obama's own Democratic Party are opposed to the pact.
The Obama administration has touted the TPP as a centerpiece of the rebalance to Asia policy.
"Many Asian policymakers -- correctly or not -- could interpret a failure of TPP in the United States as a symbol of declining U.S. interest in the region and inability to assert leadership," the Congressional Research Service said in a recent report.
"Some argue that the geopolitical costs of TPP failure could be significant. For instance, many observers argue that China is attempting to create a regional order that reduces U.S. presence and power," the report said.
In that sense, the TPP could serve as a counter to growing Chinese economic and political influence, which could in turn mean that failure to approve the deal could "allow China to shape regional rules of commerce and diplomacy through its own trade and investment initiatives, it said.
"The TPP may provide the United States with the opportunity to project its trade interests by establishing disciplines that build on existing U.S. FTAs and multilateral agreements, potentially updating trade rules to reflect the realities of modern international commerce," it said.
The report also said the TPP is envisioned as "a living agreement open to future members and new issues and may become a vehicle to advance a wider Asia-Pacific free trade area," noting that South Korea, Indonesia and the Philippines have recently indicated their interest in joining the TPP.
jschang@yna.co.kr
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