The Hill News

President Obama and representatives of eight other nations agreed to a framework on Saturday for a free trade agreement in the Pacific Rim region, the White House announced.

"We just had an excellent meeting, and I’m very pleased to announce that our nine nations have reached the broad outlines of an agreement," Obama said in Honolulu, Hawaii, adding that details needed to be worked out and the agreement would be finalized next year. "It is an ambitious goal, but we are optimistic that we can get it done."

{mosads}The framework came in the ninth round of negotiations on an agreement to eliminate tariffs and trade barriers, improve regulatory adherence, ensure competitiveness and promote development, according to a report endorsed by the countries' trade ministers.

"Building on this achievement and on the successful work done so far, we have committed here in Honolulu to dedicate the resources necessary to conclude this landmark agreement as rapidly as possible," the leaders said in a statement.

Obama announced in 2009 that the United States would plan to participate in Trans-Pacific Partnership negotiations, with the goal being a trade agreement to boost economic growth both in the United States and in the Pacific region.

In addition to the United States, the negotiations include Australia, New Zealand, Malaysia, Brunei, Singapore, Vietnam, Chile and Peru.

Obama also signed into law Saturday a bill to make it easier for Americans to travel to countries in the Asia-Pacific region. 

By obtaining an APEC Business Travel Card, U.S. citizens will be have speedier access to visa interviews and dedicated lanes to pass through border control at airports in a 21 countries. Congress passed the law earlier in November. 

Obama is in Hawaii at the start of a 9-day trip through the Asia-Pacific region.