Max Baucus: “I rise today to address recent developments in the world trading system that occurred over the past several days at the…”

“I rise today to address recent developments in the world trading system that occurred over the past several days at the Asia Pacific Economic Cooperation (APEC) meetings. Since its birth in 1989, APEC has been a useful forum to advance U.S. goals for world trade. In 1993, President Clinton hosted the first summit meeting of APEC leaders. That meeting helped to nudge the Uruguay Round of global trade talks to a successful conclusion. The following year, APEC leaders made a political commitment to free trade in the Pacific Basin by a date certain. Two years later, APEC leaders prodded WTO members to sign Information Technology Agreement. That agreement eliminates tariffs on products where U.S. companies have a clear advantage. APEC has also launched some worthwhile projects aimed at making it easier to do business in the Pacific Rim. The 21 members of APEC are responsible for almost half of the world's trade. They include country's at various stages of economic development. Members are as diverse as Papua New Guinea, Russia, Peru, and Australia. APEC is the only organization where China, Taiwan and Hong Kong sit together as equals to discuss economic issues. In 1998, U.S. trade with APEC members was just over one trillion dollars, about 70% of our trade. Our three biggest trading partners--Canada, Mexico and Japan--are in APEC Last week in Auckland, New Zealand, APEC's trade and foreign ministers held their annual meeting.”