US Losing Economic Muscle In Asia, Says Commerce Secretary

The Europeans are also asserting themselves with talks to forge free trade pacts in Asia. "We must actively engage in the region, breaking down barriers to US exports," Gutierrez said at a forum of the Washington-based Korea Economic Institute. "We must compete with our other major trading partners, all of whom are working to enhance their own competitive position in the region." The commerce chief warned that if Washington was unable to enact "strong and comprehensive" free trade agreements that benefited the United States, its credibility in Asia "could be seriously compromised." The administration of US President George W. Bush is pushing Congress to approve a free trade agreement that it had already signed with South Korea, the most commercially significant US deal in 15 years. ... http://ca.news.yahoo.com/s/afp/080111/business/us_asia_skorea_trade

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