Obama stresses trade with Asian nations

President Barack Obama said a commitment by eight other nations to join the United States in forging an Asia-Pacific trade accord within the next year is evidence that "American leadership is still welcome."

Obama announced Saturday that the officials agreed on a blueprint that will lead to drawing up a formal Trans-Pacific Partnership in the next 12 months, a deal that could create a model for expanded trade with more Asian countries.

He also said he would continue to press for reforms to address an undervalued Chinese currency that undercuts U.S. businesses as well as protections for intellectual property at his meeting with Chinese President Hu Jintao while at the Asia-Pacific Economic Cooperation forum in Honolulu.

In the United States there are times when "we question our influence around the world," Obama said at a meeting with chief executives. "But the news I have to deliver for the American people is American leadership is still welcome."

He said he is "encouraged by the eagerness of countries to see the U.S. re-engaged in this region."

Obama said taken together, the eight member economies would be America's fifth-largest trading partner.

One of the main meetings yesterday on the sidelines was the session between Obama and Hu, leaders of the world's two biggest economies.

Obama said at the summit that the current valuation of the yuan puts U.S. businesses at a disadvantage and ultimately will hold back China's growth.

The United States "can't be expected to stand by" without getting reciprocity with China on differences over currency, trade and protection of intellectual property, he said.

Before meeting with Hu yesterday, Obama said cooperation between the United States and China "is vital" for global security and growth.

Hu said the Asia-Pacific region can be a base for continued cooperation.