Ex Citi Banker Michael Froman for USTR

US President Barack Obama is said to be close to completing his economic team for his second term, with reports indicating that he planning to nominate Michael Froman - currently the Deputy National Security Advisor for International Economic Affairs- as his choice for US Trade Representative (USTR) in the coming days.

Froman is said to be in the final vetting process for becoming the US’ top trade negotiator. Once nominated, he will need to be confirmed by the Senate before he can take on the role, which has been vacant since previous USTR Ron Kirk stepped down in mid-March. Deputy USTR Demetrios Marantis has been serving as Acting USTR in the interim.

TPP, EU-US pacts in the background

The nomination of a new USTR comes at a time when the Obama Administration is taking on an increasingly ambitious trade agenda, in line with the president’s stated goal of doubling exports from their 2009 levels by 2015.

For instance, the US is planning talks on a bilateral trade and investment deal with the EU, which are likely to launch this summer. The proposed deal is aimed at expanding the world’s largest trading relationship, at a time when both sides are struggling with maintaining - and speeding up - a fragile economic recovery. The two sides have said that they aim to conclude the negotiations within as little as two years.

The US is also one of 11 countries - soon to be 12 with the addition of Japan - that is negotiating the Trans Pacific Partnership (TPP) Agreement. The group is hoping to conclude negotiations for the so-called “21st-century” deal by the end of this year, with the aim of it eventually serving as a possible platform for a broader deal among the 21 Asia-Pacific Economic Cooperation (APEC) countries.

Froman is no stranger to the intricacies of trade talks, having played a key role in the final stages of the US’ trade negotiations with South Korea. He has also worked closely with Obama at all major international economic events, having served as the US Sherpa for the G-20 and G-8 summits, and assisting the president at the APEC Leaders’ Meetings.

Prior to joining the Obama Administration, Froman acquired substantial experience in both the private and public sectors. After being a Senior Fellow at the Council of Foreign Relations, Froman then took on various roles at Citigroup over a period of several years.

US Ambassador to the WTO Michael Punke has stressed in recent weeks the need to ensure that the Bali ministerial be a success, arguing that the Doha Round’s future as a whole depends on it. Senior officials from various WTO members - including Punke - met in Geneva earlier this week with the goal of finding new flexibilities in the negotiations, given the growing concern that the pace of the talks is not moving quickly enough to ensure a meaningful result by December.