Obama courts Asian powers

Associated Press

HONOLULU

Placing high hopes on the economic power of Pacific rim nations, President Barack Obama on Saturday declared the Asia-Pacific region the heart of explosive growth for years to come. For businesses, he said, “This is where the action’s going to be.”

Obama was in Hawaii courting Asian powers as he sought to improve the beleaguered American jobs outlook. His move comes as his administration has poured attention and capital into deepening relations with Asia as a source of trade, jobs and security ties.

“There is no region in the world that we consider more vital than the Asia-Pacific region,” he told chief executives gathered for a regional economic summit.

For the U.S., Obama’s outreach also reflects worries about Europe’s economic troubles and the need for the United States to tap the enormous base of potential consumers in the emerging nations of Asia.

Underscoring the region’s importance to the U.S., Obama on Saturday, as expected, announced the broad outlines of an agreement to create a transpacific trade zone encompassing the United States and eight other nations. He said details still must be worked out, but the goal is to complete the deal by next year. “I’m confident we can get this done,” he said.

On a day of heavy diplomacy, the president also was looking to contain deepening worries over Iran amid a fresh U.N. atomic-agency report that Iran is working secretly on a nuclear weapon.

On the sidelines of an Asia-Pacific economic summit, Obama met with Japanese Prime Minister Yoshihiko Noda, Chinese President Hu Jintao and Russian President Dmitry Medvedev.