Obama meeting Singapore PM, looks to boost TPP trade pact

WASHINGTON (AP) — The prime minister of Singapore is joining President Barack Obama at the White House to celebrate the 50th anniversary of U.S. diplomatic relations with the Southeast Asian city state.

Speaking at the U.S. Chamber of Commerce late Monday, Lee urged its ratification, saying the pact would give the U.S. better access to the markets that account for 40 percent of global economic output.

The Obama administration says it remains determined to try and win congressional approval for TPP, but the chances of achieving that in the "lame duck" session after the Nov. 8 election and before the new president takes office Jan. 20 appear slim because of the depth of political opposition, not least from Obama's fellow Democrats.

In 2004, it became the first Asian nation to strike a bilateral free trade agreement with the U.S. Last year, the bilateral trade in goods totaled $47 billion, with the U.S. enjoying a $10 billion surplus.