Obama sees economic power of Asia-Pacific region

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 actions 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 US, Obamas outreach also reflects worries about Europes 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 regions importance to the US, Obama on Saturday, as expected, announced the broad outlines of an agreement to create a trans-Pacific trade zone encompassing the United States and eight other nations. He said details must still be worked out, but added: Im confident we can get this done.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 was to meet with Chinese President Hu Jintao, Russian President Dmitry Medvedev and Japanese Prime Minister Yoshihiko Noda. The timing of the meetings with the Russian and Chinese leaders was particularly significant as Obama seeks to increase world pressure on Iran.Obama is the host of the APEC gathering, a non-binding forum that draws 21 nations from across a vast Asia-Pacific region. Obama chose to host the event in his home state of Hawaii to illustrate his ties and economic commitment to the Pacific region, although security threats may well dominate his private meetings.The United States is a Pacific power and were here to stay, Obama said.He called the trans-Pacific trade zone agreement a model for the Asia-Pacific region and for other trade pacts. Seated with the leaders of the eight other nations, Obama said the trade zone would increase US exports and help create jobs, a top priority.He said the US is committed to shaping the future security and prosperity of what he called the fastest growing region in the world.The eight countries joining the US in the zone would be Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam. A central topic for Obama and Noda will be Japans interest in joining the trade bloc.