The TPP is an important piece of Obama’s strategy of rebalancing to the Asia-Pacific region, and also one of the most important political legacies he’s tried to build before leaving the White House. Any delay in approving the TPP will deal a heavy blow to the US rebalance to the Asia-Pacific region, but faced with the political reality of the US elections, a rethink will be in order.

The economic relationship should have evolved with China and U.S. economies’ “New Normal”, but a variety of fears are in the way. The U.S. would like to decrease its reliance on consumption as the engine of growth, relying more on domestic investment and exports. China seeks more consumer spending, and less reliance on domestic investment and exports. Those goals are highly complementary and mutually reinforcing, creating opportunities that should not be missed.

In order to enhance global trade and value creation, reducing trade friction-induced costs should be a top priority, which will contribute to elevating GVC cooperation in Asia and at large. Measures should be taken to lower the average tariff level by paring peak tariff, and encourage further trade liberalization.

In the long-term, a series of regional free trade agreements and the new global rules conform to China’s own economic restructuring and reform direction. China must enhance its level of liberalization in such areas as goods trade, service trade and investment, break through market barriers and get rid of institutional barriers. Making use of an open competition will promote the country’s upgrading in the global value chain.

Ultimately, the regional order is shaped by economic relations. The current cooperation structure accommodates the interests and comfort levels of multiple parties, and opens up new space for compromise and dynamic balance through mutual adaptation and acceptance. China has gained invaluable experience in neighborhood diplomacy, and the country’s neighbors have gradually gotten used to China's rise.

Let’s seize this opportunity, pass the Trans-Pacific Partnership and make sure America isn’t holding the bag, but holding the pen.

Once the US-European free-trade agreement is reached, the agreement will cover half of the global economic output and will include commodities and services worth of nearly $1 trillion, accounting for over one-third of total world trade.

The Trans-Pacific Partnership, one of the world's biggest multinational trade deals, was signed by 12 member nations on Thursday in New Zealand, but the massive trade pact will still require years of tough negotiations before it becomes a reality.

China's Ministry of Commerce (MOC) said on Thursday the country will actively participate in and push forward regional free trade arrangements that feature high-degree transparency, openness and inclusiveness.

The push for inclusive approaches and development reflects honest commitment to advancing economic cooperation with open mechanisms and flexible pathways. Non-economic issues such as the global fight against terrorism can be addressed with similarly pragmatic and honest approaches.