Acknowledging that there are legitimate anxieties among people on globalisation, President Barack Obama said it is "here to stay" as America cannot back away from trade in an integrated world economy.
"There are fears and anxieties that people may be left behind (in globalisation). These anxieties are legitimate.
They can't be ignored; they have to be taken seriously," Obama told reporters at a White House news conference.
"As I've said before, it means that we have to do everything we can to make sure that everybody shares in prosperity, that we have strong rules to protect workers, to promote high wages, to make sure that our citizens are getting the education and the training that they need," he observed.
"But the answer cannot be to back away from trade in the global economy. It is here to stay. It's not possible to cut ourselves off, given how integrated our economies are, and trying to pull up a draw bridge on trade would only hurt us and hurt our workers. So the answer is to make sure that globalization and trade is working for us, not against us," Obama said at a joint news conference with the visiting Singapore Prime Minister Lee Hsein Long.
As such Obama reaffirmed his commitment to the Trans- Pacific Partnership (TPP).
"I am a strong supporter of TPP because it will reduce tariffs, taxes basically, on American goods, from cars to crops, and make it easier for Americans to export into the fastest- growing markets of the world. TPP levels the playing field for our workers and helps to ensure countries abide by strong labor and environmental rules," he said.
"So this is an opportunity to grow our economies and write the rules for trade in the 21st century in a way that's equitable. It gives us a chance to advance American leadership, reduce economic inequality and support good-paying jobs, all while strengthening critical strategic relationships in a vital region," he said.
Lee said TPP is an integral component of America's rebalance to Asia. Apart from the economic benefits -- trade, market access, standard setting -- it's also vital from a strategic point of view and a strong signal of the US commitment to continue its deep engagement in the region.
"We are near the finish line, and we hope that the countries, particularly the US will be able to ratify the TPP as soon as possible," he said.
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