NAM welcomes U.S. entry into P-4 group negotiations.
Press Release Summary:
According to NAM Vice President for International Economic Affairs, Frank Vargo, negotiations are an opportunity for U.S. to build on existing Free Trade Agreements with Singapore and Chile and to increase engagement with New Zealand and Brunei as part of overall effort to bolster U.S. competitiveness in entire Asian region. NAM supports trade negotiations that reduce barriers to U.S. exports and expand bilateral commercial relations.
Original Press Release:
NAM Welcomes U.S. Entry Into P-4 Group Negotiations
Could Offer Further Access to Burgeoning Asia-Pacific Region
WASHINGTON, D.C. September 22, 2008 - In response to today's announcement by U.S. Trade Representative Susan C. Schwab that the United States will begin free trade agreement (FTA) negotiations with the "P-4" Group of Countries (Singapore, Chile, New Zealand and Brunei), the National Association of Manufacturers (NAM) Vice President for International Economic Affairs Frank Vargo issued the following statement:
Negotiations are an opportunity for the United States to build on our existing Free Trade Agreements with Singapore and Chile and to increase our engagement with New Zealand and Brunei as part of an overall effort to bolster U.S. competitiveness in the entire Asian region.
The NAM has watched with concern the increasing integration of the Asian market through a labyrinth of FTAs of different quality while the U.S. has recently been stuck on the sidelines. This explosive growth of trade agreements in the Asia-Pacific region threatens to leave the United States at a competitive disadvantage - so a successful result in these negotiations could give U.S. manufacturers greater access to growing Asian markets.
The NAM supports trade negotiations that reduce barriers to U.S. exports and expand bilateral commercial relations. We look forward to working closely with USTR and the Commerce Department on this P-4 initiative to attain an agreement that, indeed, benefits U.S. manufacturers.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
