US trade rep arrives to take up Bush initiative

United States Trade Representative Robert Zoellick arrived in Manila yesterday to discuss the Enterprise for ASEAN Initiative, which was announced by US President George W. Bush in October to boost prospects of bilateral free trade agreements between the US and ASEAN countries committed to economic reforms and openness.

Zoellick, who will be in the country until tomorrow, is meeting with regional trade ministers who will be attending the US-ASEAN Economic Ministers meeting being hosted by the Philippines.

Zoellick will tackle the new US initiative which will allow ASEAN countries the flexibility to move at their own speed toward a free trade agreement with the US.

In October, President Bush announced the new trade initiative with ASEAN, citing the US belief that a strong US-ASEAN relationship is a force for stability and development in the Southeast Asian region.

The US government said the Enterprise for ASEAN Initiative (EAI) will enhance already close US ties with ASEAN. The goal is to create a network of bilateral FTAs, which will increase trade and investment, tying more closely together the economics.

The EAI initiative will encourage both bilateral and regional liberalization, and help the Asia Pacific Economic Cooperation reach the Bogor goals for achieving free and open trade and investment in the Asia Pacific region.

Under the EAI, the US and individual ASEAN countries will jointly determine if and when they are ready to launch FTA negotiations. The US would expect a potential FTA partner to be a member of the World Trade Organization (WTO), and to have concluded a Trade and Investment Framework Agreement (TIFA) with it – thus laying the groundwork for future FTA negotiations.