Article source
The Wall Street Journal
Article date
Wed, Nov 18, 2015
MANILA—President Barack Obama and President Xi Jinping laid out competing visions for trade in Asia Wednesday, showing how the U.S. and China are vying for commercial as well as military influence in one of the most important corners of the global economy.
Mr. Obama, visiting the Philippines along with other world leaders for the annual Asia-Pacific Economic Cooperation summit, set out the American-led Trans-Pacific Partnership as a model for expanding trade ties around the Pacific. The U.S. intends it to be a sweeping, new-era pact—among countries that account for more than a quarter of global trade—raising global standards in such areas as intellectual property rights, labor practices and the overhaul of state-owned enterprises.