Good afternoon and thank you all for coming. I am very pleased to be here at Western Digital today. It's an impressive facility. And I was very impressed by what Chief Officer Don Blake, had to say about the business climate here and around the region.
This is my second day in Malaysia. I'll also be visiting Singapore and Indonesia later in the week. Our job at the Commerce Department is to promote U.S. business products and services overseas, and to open up new markets for our companies. And nowhere is this more vitally important to our businesses and workers than in the ASEAN economies.
President Bush has been taking a number of steps to enhance U.S.-ASEAN ties.
The U.S. relations with Singapore are strong and getting stronger. We're seeing good progress in our work through the Joint Committee on the U.S.-Singapore Free Trade Agreement as we implement this new trade accord. The key is to make certain that both sides are happy with the way the FTA commitments are implemented.
Our economic and commercial relations with Malaysia also are on the right path. As our 10th largest trading partner, President Bush sees Malaysia as a priority partner and believes the time is right to negotiate a bilateral free trade agreement.
If both sides are willing and take a pragmatic approach to these talks, we believe the results of this agreement would be plentiful and far-reaching.
An FTA with Malaysia would lead to: a sharp increase in two-way trade, product diversification, cost savings, job creation, more knowledge- and technology-sharing, and new investment flows. In short, it's a "win-win" for both countries.
Yesterday I met with the Ministry of Trade and Industry, the Malaysian Industrial Development Authority, the Small and Medium Industries Development Corporation, and the Malaysian External Trade Development Corporation. We had very open and friendly discussions. And I hope for the same tomorrow when I plan to meet with the Ministry of Domestic Trade and Consumer Affairs, and Minister Norwawi in the Prime Minister's Office.
My final stop on this trip will be Jakarta. U.S. exports to Indonesia having been growing faster than to any other ASEAN economy.
So I want to check in on Indonesia’s economic reform program and the progress they are making.
So I look forward to a productive trip this week. We want very much to strengthen our relationships with ASEAN. We also want to work cooperatively to improve the overall business climate throughout the region. This includes fighting corruption--which eats away at the benefits that open markets bring, enforcing the rule of law, and promoting competition with countries outside the ASEAN neighborhood.
Continuing to develop relationships with ASEAN members is a priority for the United States. We believe that continued engagement will allow the private sector to do what it does best: create jobs and wealth for our citizens.
Thank you.
Source: U.S. Department of Commerce
