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For Immediate Relase
January 17, 2003

Contact:
John Phipps
(202) 416-6711
jphipps@usasean.org

Walter Lohman
(202) 416-6704
wblohman@usasean.org
 

US-ASEAN Business Council Welcomes Conclusion of US-Singapore FTA Talks


(Washington, DC) The US ASEAN Business Council welcomed the conclusion of the U.S.-Singapore Free Trade Agreement with a call for a renewed push by the United States to secure free trade agreements with other ASEAN countries. The US-Singapore Free Trade Agreement was concluded earlier this week when the last remaining issue, capital controls, was resolved.

“The US-Singapore Free Trade Agreement has a significance that goes beyond the bilateral relationship,” said Ernest Z. Bower, President of the US-ASEAN Business Council. “The agreement anchors the United States in Southeast Asia by sending the strong message that we are engaged in and committed to the region, and want to work with our partners to grow our economies and address a host of issues of mutual interest.”

“By tackling cutting edge issues such as electronic commerce and far-reaching market opening measures in the services sectors, the agreement sets important precedents as other ASEAN countries consider FTA discussions with the United States,” Bower added. In October, President Bush announced the Enterprise for ASEAN Initiative (EAI), under which the United States will offer the prospect of free trade agreements with any interested ASEAN nation that undertakes economic and market-oriented reform. Some ASEAN countries, such as Thailand, have already signaled interest in such discussions.

“Now is the time for the administration to seize the initiative and redouble its efforts under the EAI to begin discussions toward free trade negotiations with other countries in the region,” said Bower. The timing is right to engage these countries in consultative discussions and capacity building initiatives that will eventually lead to other bilateral free trade negotiations with the United States.”

Singapore is the top destination within ASEAN for U.S. investment, hosting nearly half the total U.S. direct investment in the region. Singapore is also the largest U.S. trading partner in the ASEAN, with two-way trade standing at US$29 billion during the first 11 months of 2002. Singapore is the first U.S. FTA partner in Asia, and is by far the largest outside of NAFTA.

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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 Walter Lohman at wblohman@usasean.org or visit the Council's Web site at www.us-asean.org