The U.S. Chamber of Commerce applauded this weekend's announcement by the president that the United States will join free trade talks with a number of Asia-Pacific countries in a grouping called the Trans-Pacific Partnership (TPP). 
 
"The business community is pleased that the administration has decided to move ahead with this important trade initiative," said Thomas J. Donohue, president and CEO of the U.S. Chamber. "This agreement could bring substantial opportunities for American companies operating in the world's most dynamic region."
 
Even though U.S. exports to Asia continue to rise, the United States is gradually losing market share. Asian countries have negotiated more than 160 trade agreements among themselves, while the United States has signed only two with regional countries (Singapore and Australia). A third agreement, with Korea, awaits congressional approval.
 
"We are signaling that the U.S. wants to engage Asia rather than sit on the sidelines," Donohue said. "The U.S. goal in the negotiations should be to pursue an ambitious market-opening agreement with strong rules to protect intellectual property, open services markets, and promote regulatory transparency in the region."