Obama helping push TPP

  • 21/06/2016

US President Barack Obama is plugging the Trans-Pacific Partnership trade deal to a group of 2400 investors looking at bringing businesses to the United States, saying the deal will boost the global economy.

Trade has become a hot-button issue in the November 8 presidential election campaign, with presumptive candidates from both parties voicing objections to the 12-nation TPP deal that Obama wants the US Congress to sign off on before his time in office ends on January 20.

Both the Republican and Democratic presidential campaigns have tapped into populist scepticism about the benefit of trade deals on jobs and wages, particularly in the manufacturing sector.

Obama tried to dispel the economic gloom-and-doom coming from the campaign trail, extolling the recovery of the United States from recession.

While there are legitimate concerns about boosting wages and improving working conditions, he argued, ultimately global trade can help connect people from around the world and reduce poverty.

"This is not just about jobs and trade, it's not just about hard cold cash," he said.

"It's also about building relationships across borders. When your companies come together you help bring countries and cultures together."

American business lobby groups have been pushing the White House and congressional leaders to finish their work to ratify the TPP before the next administration takes office.

Obama's top economic adviser sidestepped a question on a conference call about the timeline.

"We're continuing to work with congressional leaders to find the right opportunity, the right window of opportunity, to get TPP passed this year," Jeff Zients, the director of the National Economic Council, told reporters.