President Bush's business delegation to the Far East shows U.S. commitment to compete in open markets - includes related article on accomplishments of mission

Business America, Feb 10, 1992 by J. Michael Farren

President Bush's recent business development mission to Australia and the Far East was a pathbreaking Presidential initiative bringing together business and government to convey a message of U.S. commitment to compete globally in open markets. The composition of the mission showed the broad commitment of U.S. business to provide quality products in the global market.

The mission demonstrated the importance of open foreign markets and free and fair trade to American jobs, economic growth, and improvements in our standard of living. The mission stressed the fact that trade is and must be a two-way street.

The mission was not a trade negotiation. Discussions addressed broad interests based on the need for open markets, and the willingness and ability of American industry to compete globally on the basis of fair trade principles and quality products.

The message was that open markets create jobs and provide economic growth. The mission was not meant to resolve our trade problems in the course of 11 days. It highlighted the continuing effort of the Bush Administration to gain open markets and free and fair trade opportunities for U.S. business and workers.

The mission followed through on what the Administration set out to do in 1989 -- create a business-government partnership to deal with the issue of trade and international economics. For the first time, the President went to four separate countries and highlighted trade and economics as a paramount priority. The trip accelerated the timetable on several pending trade agreements and enhanced the content of those agreements.

Reflecting the importance of the Asian market, this trip marks the first time a U.S. President has led a delegation of business leaders on a mission focused on business and commercial issues. The President was accompanied by CEOs who represented the broader interests of the U.S. business community through membership in various trade organizations, including the National Association of Manufacturers, and the U.S. Chamber of Commerce. Corporate leaders from several small firms, particularly the chairman of the National Federation of independent Business, which represents over half a million small businesses, also joined the delegation. The president was also joined by three winners of the Malcolm Baldrige Quality award and representatives from our Japan Corporate Program, a program jointly sponsored by MITI and the Department of Commerce.

In reflecting back just six months ago, it would be hard to imagine the chairmen of the National Association of Manufacturers, the National Association of Independent Business, the United States Chamber of Commerce, the U.S.-Japan Business Council, and the chairman of every leading advisory group to the U.S. government from the private sector, joined together in a common position toward open markets and international trade. The fact that President Bush was able to set the climate was an extremely important step forward.

The CEOs who traveled with the President have unanimously called the mission a success. It marked a real commitment for the U.S. government to work in partnership with U.S. business. We've heard repeatedly from corporations and trade associations, and from organizations like the National Association of Manufacturers and the U.S. Chamber of Commerce, that this was a successful mission.

This business development mission is a continuation of a series of similar missions led by Vice President Quayle and then-Commerce Secretary Mosbacher. In May, the Vice President took a business mission to Japan where he focused on increasing U.S. access to the Japanese auto parts markets, and in August he led a delegation of business leaders to Latin America. Secretary Mosbacher conducted ten trade missions overseas since early 1989. He has made five trips to help push for open markets in Asia, visiting eight countries. Three trade missions were included in Secretary Mosbacher's visits.

We have worked tirelessly since 1988 to open the markets of Japan, Korea, and other East Asian nations to U.S. exports. Examples of previous market-opening efforts of this Administration in the Pacific include: semiconductors, construction (major projects), and supercomputer agreements with Japan; and telecommunications and tariff reduction agreements with the Republic of Korea. During the President's business development mission, we advanced our goal of market-opening throughout the region in areas such as intellectual property rights, trade in services, and trade in goods such as computers, paper, glass, autos, and auto parts.

Why was the Asia Pacific region chosen as the first destination of a Presidential business delegation? Two-way trade with Asia totaled almost $300 billion last year compared to about $190 billion in two-way trade with the European Community. The Asia-Pacific region is the fastest growing economic area of the world and shows no signs of relinquishing this title in the near future. For instance, growth in the "Four Tigers" economies of Hong Kong, South Korea, Singapore, and Taiwan averaged 8.7 percent in the 1980s, while the Association of Southeast Asian Nations (ASEAN) grew at an annual rate of almost 7 percent in the same period. Almost every major country in the region is engaged in major development projects which represent tremendous prospects for U.S. firms. For these and for other reasons, the region's importance to the U.S. economy and the opportunities offered for U.S. products and services should only increase in the 1990s.