U.S. Chamber Leaders Embark on Mission to Asia Calling for Action on Trade Agreements

U.S. Chamber Leaders Embark on Mission to Asia Calling for Action on Trade Agreements
In Advance of APEC Summit, Donohue Says America Must Increase Exports, Asian Nations Must Boost Imports

WASHINGTON, D.C.—In an effort to highlight the role of trade in creating jobs and stimulating economic recovery, Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce today launched an eight-day trade mission to Asia to represent the American business community at the APEC CEO Summit in Singapore. Chamber Chairman Bob Milligan, also chairman of M.I. Industries, will join Donohue for talks with top business and political leaders from the region.

"As the United States sets out to increase exports, Asia will be the lynchpin of success in this strategy," Donohue said before departing to Singapore and Taiwan. "It's time to see action from Washington to expand trade with Asia in order to create jobs and avoid drawing a line down the middle of the Pacific."

According to the U.S. Trade Representative, there are 168 free trade agreements in force in Asia today, up from only 22 in 1980. Eighteen more have been completed but not yet implemented and 70 more are being negotiated. However, the United States has only two FTAs with Asian countries: Singapore and Australia.

"We are standing on the sidelines while Asian nations clinch new trade deals," Donohue said. "We'll pay the price if this continues. It's time to see action from Washington."

In a speech at the American Chamber of Commerce in Singapore, Donohue will call for passage of the pending U.S.-Korea Free Trade Agreement (KORUS) and urge the United States to join the negotiations for the Trans-Pacific Partnership (TPP). The U.S. International Trade Commission estimates that American exports will increase by more than $10 billion a year once KORUS is implemented. Conversely, a recent study by the U.S. Chamber also said that nearly 350,000 Americans workers could lose their jobs if the agreement isn't enacted.

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.

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