U.S. trade policy

At the Honolulu summit conference of Pacific rim nations, Obama won commitments from Japan and Canada to join talks aimed at binding nine Pacific Rim nations to a trade pact in the next year.

Whether that happens is still a big "if.” But carry it off, and American exports — both goods and services — can expand significantly in the region.

America already has separate free-trade agreements with Australia, Chile, Peru and Singapore. Four that would be added would be Malaysia, New Zealand, Vietnam and Brunei.

Economists say it would be the largest free-trade area since that formed by the union of the U.S., Canada and Mexico in the North American Free Trade Agreement in 1994.

While the stationing of more Marines in the Pacific region is seen as a check on aggressive moves by the communist government of China, the principal competition in the area is between the Almighty (sort of) Dollar and the Rising Renminbi, China’s currency. China’s efforts to expand its influence, both in trade and political ties, needed not involve a clash with American interests, but certainly raise that possibility — and many of China’s neighbors look at their giant neighbor with some suspicion.

We applaud Obama for this initiative and suggest it deserves bipartisan support should the negotiations prosper next year.