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U.S. Department of State 93/07/27 Address before the American Business Council Office of the Spokesman Secretary Christopher Supporting U.S. Business In Asia and Around the World Address before the American Business Council, Singapore, July 27, 1993. Good morning. I am delighted to be here with you today. You are the vanguard of our competitive efforts in the global marketplace, and your leadership helps advance American interests. One of the key pillars of America's foreign policy today is the promotion of America's economic security. We cannot be influential abroad unless we are strong at home. But in this new era, if we are to be strong at home we must encourage our businesses to engage actively abroad. More than 7 million Americans are working in export-related jobs. And many of your companies are front-line fighters for American competitiveness. Nowhere is that more clear than in Singapore and in the Asia-Pacific region. This is a region of dynamic economic growth and sweeping social change. Last year, U.S. firms shipped more than $128 billion in products to Asia. Collectively, the ASEAN countries are our fourth-largest export market. Because of the efforts of the Clinton Administration, the United States is better prepared than ever to seize these new opportunities. America is back as a responsible manager of its economy and as a leader on global economic issues. The President's economic package, which will cut our budget deficit by half a trillion dollars over the next five years, is nearing final approval. We are taking the tough steps to get our house in order. And as we saw at the G-7 summit earlier this month, our allies and trading partners are taking notice. I am also confident because American businesses are becoming more competitive. Our manufacturing sector is again robust. Our services sector, probably the world's most advanced, makes a vast positive contribution to the U.S. balance of trade. Our cultural industry is influencing the global economy in countless ways. As you press on with your work here, I want you to know that you are not acting alone. I recently sent a message to all ambassadors making it clear that I expect each of them to take personal charge of promoting our commercial interests--and to engage their embassies in a sustained effort to help the American business community. On a policy level, the Clinton Administration is working to eliminate unfair obstacles to American businesses here in the Pacific Rim and around the world. Our goal is simple: to open markets, not close them; to create more trade and jobs, not less. Our first trade policy priority is a successful conclusion to the Uruguay Round by December 15. Difficult work lies ahead if we are to conclude successfully the Round this year. But our breakthrough in Tokyo on market access has enabled us to resume negotiations in Geneva with renewed urgency. We hope that the spirit of cooperation that prevailed at the G-7 summit can be sustained as we work with all our trading partners to resolve the outstanding issues. Consistent with our Uruguay Round efforts, the United States also supports regional trade liberalization. The dismantling of barriers to trade and investment on a regional basis, consistent with GATT, will spur economic growth and bolster support for the global multilateral trading system. Regional trade liberalization will make it easier for American firms to be actively engaged in the Pacific Rim markets. Members of the evolving Asia-Pacific Economic Cooperation forum are already developing a comprehensive work program to promote regional trade liberalization. I encourage you to meet with our embassy staff to discuss how your business can become involved in one of APEC's 10 established working groups. Finally, the United States seeks to expand trade not only through global and regional initiatives, but also through balanced bilateral initiatives. For instance, we were successful in Tokyo in crafting a new economic framework with Japan. Its objectives are to promote global growth, pry open markets, and redress persistent imbalances in our two economies. While there are still difficult negotiations ahead, we expect the outcome to be a substantial increase in access for U.S. goods, services, and investment in the Japanese market. What the Clinton Administration does in these areas is important. But ultimately you are the ones who create wealth. You are the ones who find the niches and crack the markets. Your vision, savvy, and determination enable Americans to share in the great opportunities in the Asia-Pacific region. So I salute your hard work here. And I pledge our government's sustained support. Your success is America's success--and President Clinton and I are committed to both. Now I'd like to introduce Joan Spero, Under Secretary of State for Economic and Agricultural Affairs. We plan to add "business" to her job title--to reflect the President's determination to support American companies more aggressively around the world. As a former executive vice president at American Express and as the former U.S. Ambassador to the UN Economic and Social Committee, Joan is extremely well-qualified to address issues of concern to you. (###)