With the election of Donald Trump to the White House, the Obama Administration has finally accepted the inevitable and has announced that it will cease efforts to push the Trans Pacific Partnership (TPP) forward in the waning days of the Lame Duck session. Over the long term, Washington will need to re-assert its trade presence in the Asia-Pacific region. The supply chains are too interwoven and interdependent for the U.S. to go at it alone, despite the isolationist rhetoric emanating from the U.S. election.

The fine momentum of deepening China-US cooperation in various areas will inevitably extend into the upcoming new US presidency. Donald Trump and his team, who have won the election under the banner of “Make America Great Again”, should see that joining hands with China in the Asia-Pacific will result in a win-win scenario for both counties.

Peru's new president said Monday it was "worrisome" that China is not part of the 12-nation Trans-Pacific Partnership but his government would seek ratification for U.S. President Barack Obama's signature trade deal.

The TPP is an important piece of Obama’s strategy of rebalancing to the Asia-Pacific region, and also one of the most important political legacies he’s tried to build before leaving the White House. Any delay in approving the TPP will deal a heavy blow to the US rebalance to the Asia-Pacific region, but faced with the political reality of the US elections, a rethink will be in order.

The economic relationship should have evolved with China and U.S. economies’ “New Normal”, but a variety of fears are in the way. The U.S. would like to decrease its reliance on consumption as the engine of growth, relying more on domestic investment and exports. China seeks more consumer spending, and less reliance on domestic investment and exports. Those goals are highly complementary and mutually reinforcing, creating opportunities that should not be missed.

In order to enhance global trade and value creation, reducing trade friction-induced costs should be a top priority, which will contribute to elevating GVC cooperation in Asia and at large. Measures should be taken to lower the average tariff level by paring peak tariff, and encourage further trade liberalization.

In the long-term, a series of regional free trade agreements and the new global rules conform to China’s own economic restructuring and reform direction. China must enhance its level of liberalization in such areas as goods trade, service trade and investment, break through market barriers and get rid of institutional barriers. Making use of an open competition will promote the country’s upgrading in the global value chain.

Ultimately, the regional order is shaped by economic relations. The current cooperation structure accommodates the interests and comfort levels of multiple parties, and opens up new space for compromise and dynamic balance through mutual adaptation and acceptance. China has gained invaluable experience in neighborhood diplomacy, and the country’s neighbors have gradually gotten used to China's rise.

Let’s seize this opportunity, pass the Trans-Pacific Partnership and make sure America isn’t holding the bag, but holding the pen.

Once the US-European free-trade agreement is reached, the agreement will cover half of the global economic output and will include commodities and services worth of nearly $1 trillion, accounting for over one-third of total world trade.