|
 |
||
|
FOR IMMEDIATE RELEASE CONTACT: |
|||
U.S. Business Says Capitol Hill Singapore Caucus is a Good Idea
Congressional Group Will Help Provide Better Recognition and Understanding of Singapore
(Washington, DC) The US-ASEAN Business Council today lauded the establishment of the Singapore Caucus, an informal group of U.S. legislators that will provide a forum for focus and discussion on the United States relationship with Singapore. The Council is America's preeminent business group for Southeast Asia. The Caucus is expected to be a focal point for education and support for a U.S.-Singapore Free Trade Agreement, once a completed pact is sent to the Congress for debate and consideration. The Caucus will be co-chaired by Congressmen Curt Weldon (R-PA) and Solomon Ortiz (D-TX).
Ernest Z. Bower, President of the US-ASEAN Business Council, said "The
establishment of the Singapore Caucus on Capitol Hill is a signal that
America is learning that we need to be even more engaged in the world
through trade, investment, and security cooperation. It makes good sense
that our legislators, led by Congressmen Simon Ortiz and Kurt Weldon,
see the Singapore relationship as a lynchpin for that engagement in Asia.
This is a good trend that business supports. It is a step that will help
ensure our national security and economic well being well into the future."
With a population of only four million, Singapore purchases nearly the
same amount of U.S. exports as China's 1.2 billion people, and buys more
from the U.S. than Brazil, Italy, or Australia. In addition, Singapore
is the top destination for U.S. investment within the Association of Southeast
Asian Nations (ASEAN). The economic importance of Singapore, coupled with
its support and cooperation with the U.S., make it in practice, an "ally
plus", and has drawn U.S. congressional interest. Negotiations on
the U.S.-Singapore Free Trade Agreement are nearing the final stages.
Once negotiations are completed, the Agreement will be sent to Capitol
Hill for Congressional approval, most likely by early 2003. The Agreement
is expected to boost the already-vibrant flows of trade and investment
between the two countries.
"There is vast strategic value in this agreement." Bower pointed out. "It will send positive signals to the region about long-term U.S. engagement in and commitment to Southeast Asia." He added that, "Singapore is a proactive partner in security cooperation and the fight against terrorism. They have spent their own money to provide a deepwater docking facility for our aircraft carriers and other U.S. naval ships and a sustained military presence in Asia. They were the first port in Asia to sign on to cooperation with the Container Safety Initiative (CSI). This exemplary contribution is augmented by the keystone role Singapore plays in American economic interests in Asia."
Singapore is the 11th largest U.S. export market worldwide. Two-way trade between the U.S. and Singapore last year totaled US$33 billion, and Singapore has one of the most open, well-regulated, safe and secure investment climates in the world. It is consistently rated among the most competitive economies in the world. The city-state hosts US$27 billion in U.S. direct investment, and more than 1,300 American companies have a presence in Singapore.
The US-ASEAN Business Council serves as the secretariat to the U.S. Singapore Free Trade Agreement Coalition. The Coalition, co-chaired by Boeing, ExxonMobil, and UPS, is a group of approximately 75 leading U.S. companies and trade associations that support the conclusion and passage of a US-Singapore Free Trade Agreement. For more information on the Coalition, visit its web site at http://www.us-asean.org/ussfta/index.asp
The US-ASEAN Business Council is America's leading private business organization dedicated to promoting increased trade and investment between the United States and the member nations of ASEAN. The Council's membership includes approximately 150 of the Fortune 1000 American companies with trade and investment interests in the ASEAN region, and the council's members are represented in diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, software, and telecommunications. For information on the US-ASEAN Business Council or general information on the ASEAN region, please contact John Goyer at jgoyer@usasean.org or visit the Council's Web site at www.us-asean.org.
# # # # #
|
|
 Register here to
receive US-ASEAN Business Council press releases and advisories as they are issued |
|||||||||
