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— This is the script of CNBC's news report for China's CCTV on October 10, Thursday.
Welcome to the CNBC Business Daily.
US Secretary of State John Kerry repeated America's commitment to Asia at a summit between ASEAN countries and Asia-Pacific powers including Japan and China. Speaking in Brunei, Kerry apologized for President Obama's absence at the meetings, but stressed that that will not affect the U-S's strategic positioning in the region.
[Soundbyte on tape by US Secretary of State, John Kerry] The partnership that we share with ASEAN remains a top priority for the Obama Administration. Strengthening those ties on security issues, on economic issues and more on our people-to-people relationships are a critical part of President Obama's re-balance to Asia. That re-balance is a commitment, it's there to stay.
But territorial tensions in the region threaten to overshadow broader economic talks. Japan, the U-S and the Philippines pushed for a common code of conduct to resolve the disputes in the South China Sea.
Speaking to CNBC, our next guest said that getting a trade deal done will help get rid of global inefficiencies and benefit all participants involved.
[Soundbyte on tape by Bill Maldonado, CIO, Asia Pacific, HSBC Global Asset Management] I think at this stage, we've had a big tailwind from increased global trade over the past few decades. It's been one of the big drivers of markts and economies over the last while. China's ascension to the WTO etc etc, that was a big boost to the economy. We're now down to the less important stuff. We've had all the benefits we can have, but hey, where we're at now, we can use all the tailwind we can get.
Maldonado also stressed the need for America to get more involved with the trade talks in order to boost the Obama administration's credibility. Have a listen:
[Soundbyte on tape by Bill Maldonado, CIO, Asia Pacific, HSBC Global Asset Management] I think if you look back historically, what's tended to happen is these things do get done in a very mosaic way, bit by bit way, before they come together. When the blocs get large enough, then they'll talke, and then they'll get a bigger agreement. I think it's worth pursuing that. And with Obama's pivot to Asia, I think that some of the more Asia-driven things are very important for the US to maintain credibility for that pivot. Many investors are now questioning the credibility of that policy. It hasn't been well-handled, it hasn't been well-communicated, it was all a bit clunky when it was announced. It's really important for the Obama Administration to follow through with some concrete measures there.
Li Sixuan, from CNBC's Singapore headquarters.