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Fact Sheet: Creating a New Era of Prosperity in the Asia Pacific Region and
Beyond
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For Immediate Release Office of the Press Secretary November 22, 2008

Fact Sheet: Creating a New Era of Prosperity in the Asia Pacific Region and
Beyond President Bush Focuses On Three Great Forces For Economic Growth:
Free Trade, Free Markets, And Free People

ÿÿWhite House News

ÿÿÿÿÿ In Focus: APEC 2008

Today, President Bush spoke at the Asia Pacific Economic Cooperation CEO
Summit in Lima, Peru, and discussed the importance of free trade in
generating economic growth.ÿUnited States' engagement with the Asia Pacific
region is especially important during this time of economic strain.ÿ The
Asia Pacific region's share of the global economy has grown to nearly 55
percent.ÿ By continuing to engage this vital region, the United States can
help lead the way toward a new era of prosperity in the Asia Pacific region
and beyond.ÿ

Our Nations Must Keep Our Commitment To Free Tradeÿ

President Bush has made it a priority to expand trade and investment. ÿWhen
the President took office, the United States had free trade agreements in
force with three nations.ÿ Today, that number is 14  with three additional
agreements approved by Congress but not yet in effect.ÿ The United States
also has concluded agreements with Colombia, Panama, and South Korea.ÿ
While it is disappointing that the Congress has adjourned without approving
these good agreements, the President urges all those who support free trade
to continue making the case for these agreements.ÿ
  þ Since the President took office, America's trade with the world has
    increased almost 60 percent  from $2.5 to $4 trillion.ÿOverall,
    America's trade with APEC nations now accounts for almost two-thirds of
    its trade in the world.
      þ Trade between Peru and the United States has more than doubled.
      þ Trade between Chile and the United States has more than doubled.
      þ Trade between China and the United States has more than tripled.
  þ President Bush supported the accession of China, Taiwan, and Vietnam
    into the World Trade Organization (WTO).ÿThe Administration is
    negotiating bilateral investment treaties with China and Vietnam, and
    discussing similar agreements with Taiwan, Indonesia, and Russia.ÿ
    Earlier this year, the United States began discussions on a new
    regional free trade agreement with Brunei, Chile, New Zealand, and
    Singapore. Australia and Peru have also announced their intention to
    join the negotiation of this agreement.
  þ The President also called on leaders to agree on a framework this year
    that will help bring the Doha Round of WTO negotiations to a successful
    conclusion.ÿ He also urged leaders to refrain from raising barriers to
    investment or to trade in goods or services, imposing export
    restrictions, or implementing measures that are inconsistent with
    international trade rules, including measures to stimulate exports.

Trade has transformed the previously small economies of Singapore, South
Korea, Hong Kong, and Taiwan into global powerhouses.ÿ In addition, it has
fueled the rise of nations such as Malaysia, Indonesia, Thailand, and
Vietnam.ÿ Trade has helped China achieve three decades of rapid economic
growth, declining poverty, and closer engagement with the world.ÿ

Our Nations Must Maintain Confidence In The Power Of Free Markets

Over the decades, the free market system has proven the most efficient and
just way of structuring an economy.ÿWhile governments must take responsible
action to reform financial markets and strengthen economic growth, the
greatest threat to prosperity is too much government involvement in the
market.ÿ Free markets provide the incentive to work, to innovate, to save
and invest wisely, and to create jobs for others.ÿ It is essential that
nations resist the temptation to overcorrect by imposing regulations that
would stifle innovation and choke off growth.ÿ

No region of the world demonstrates the power of free markets more vividly
than the Asia Pacific.ÿ

Free markets helped:
  þ Japan grow into the world's second-largest economy;
  þ South Korea become one of the most technologically-advanced nations in
    the world;
  þ Chile triple its economy and cut its poverty rate by more than
    two-thirds over the past two decades; and
  þ Helped make Peru the second fastest growing economy in APEC last year.

Economic Growth Requires Our Nations To Build Free And Democratic
Societiesÿ

The United States launched the Millennium Challenge Account to invest in
nations that fight corruption, pursue wise economic policies, and improve
the lives of their people.ÿ Today, Millennium Challenge programs support
some of the world's most promising developing nations.ÿ

The United States is cooperating with APEC nations to adopt better farming
practices and build up local agriculture markets.ÿ The United States is
also partnering with leaders to defeat the AIDS epidemic in places such as
Vietnam and Papua New Guinea.ÿ

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