U.S. Chamber Supports Plan to Expand Trade in Asia

"We are sending an important message that we will not be missing in action," Brilliant Says

WASHINGTON, D.C.–-The U.S. Chamber of Commerce supports today's announcement by U.S. Trade Representative Susan Schwab that the United States will launch free trade negotiations with four key Asia-Pacific countries in a grouping called the Trans-Pacific Strategic Economic Partnership Agreement (TPP).

"We applaud the administration for moving ahead with this critically important trade initiative," said Myron Brilliant, the U.S. Chamber's vice president for Asia. "This agreement could bring significant opportunities to American businesses in one of the most economically vital trade regions in the world."

The other participants – Singapore, New Zealand, Chile, and Brunei – are all members of the Asia-Pacific Economic Cooperation (APEC) that collectively boasts 60 percent of U.S. exports. U.S. exports to this region continue to grow, but the United States is gradually losing market share as countries in the Asia-Pacific increase trade among themselves.

"We hope this agreement will boost opportunities for American companies," Brilliant said. "The Asia-Pacific nations have negotiated over 150 preferential trade agreements between themselves and their trading partners. Unfortunately, most of these don't include the United States. Today we are sending an important message that we will not be missing in action, which is particularly important to our companies in light of the current financial markets.

"Our inclusion in these region-wide trade agreements will ensure that America's high standards for trade liberalization in such areas as intellectual property, standards, transparency, labor, and the environment are adopted," he said.

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

www.uschamber.com

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