FOR IMMEDIATE RELEASE, Contact: (202) 225-1721
January 30, 1998
No. TR-21
Congressman Philip M. Crane (R-IL), Chairman, Subcommittee on Trade of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing on trade issues with Asia, including the progress of the Asia-Pacific Economic Cooperation forum as well as the effects of the Asian financial crisis on U.S. trade. The hearing will take place on Tuesday, February 24, 1998, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 11:00 a.m.
Oral testimony at this hearing will be from both invited and public witnesses. In addition, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee or for inclusion in the printed record of the hearing.
BACKGROUND:
The Asian Pacific Rim has been our second fastest growing export market in recent years. U.S. exports to the area were over $200 billion in 1996, representing nearly one-third of U.S. exports, and imports totaled over $312 billion.
The Asia-Pacific Economic Cooperation (APEC) forum, an association of 18 economies bordering the Pacific Ocean working cooperatively to reduce barriers to trade and investment, has declared its intention to establish free trade and investment in the region by the year 2010 for industrialized members and 2020 for others. In November 1997, APEC members held a Joint Ministerial Meeting and Leaders Summit in Vancouver, at which they identified 15 areas of trade for further liberalization. Members are to finalize plans in the first half of 1998 to cut tariffs and other barriers to trade, with implementation of market-opening initiatives to begin in 1999, in the following 9 sectors: environmental goods and services, medical equipment, chemicals, energy, forest products, fish and fish products, toys, gems and jewelry, as well as a Mutual Recognition Agreement for telecommunications products and systems among APEC members. APEC members will continue to develop proposals for review by Ministers in June, for possible action by APEC Leaders next November, in the following 6 sectors: oilseeds and oilseeds products, food products, natural and synthetic rubber, fertilizers, automotive and civil aircraft.
As 1997 ended, many of the economies of East Asia faced a significant financial crisis, manifested in plummeting currency values, declines in the stock markets of those countries, and bankruptcies. That crisis has continued into 1998. The International Monetary Fund has developed financial support packages for several of these countries containing a number of conditions, including measures to increase trade liberalization.
Observers have noted that the crisis will have an impact on the U.S. economy and on U.S. businesses and workers. Although the effects of this crisis have not yet been reflected in the U.S. trade deficit, concerns have been raised that the deficit will increase as exports from Asia continue to increase and U.S. exports to Asia decline as a result of currency devaluations and slowdowns in the Asian economies. The continued crisis also raises concerns about unresolved trade and market access issues with these countries.
In announcing the hearing, Chairman Crane stated: "Free and open trade and investment policies have become an important pillar in the foundation underlying world peace, security, and economic stability. Asia continues to be a major market for U.S. goods, services, and investment. I have been greatly encouraged by the developments within APEC, which will increase our access to those markets and knock down trade barriers. We must view the Asian financial crisis as an opportunity to continue to work towards trade liberalization in these markets, to make systemic changes that will open markets and increase transparency, and increase confidence through the power of free trade."
FOCUS OF THE HEARING:
The hearing will focus on recent developments in trade with Asia, including: (1) the results of the APEC summit held in Vancouver in November; (2) the impact of the Asian financial crisis on trade with the United States, on the U.S. economy overall, and on particular sectors; (3) U.S. efforts to ensure that Asian countries pursue further liberalization of trade and investment barriers; (4) the extent to which market access issues for U.S. goods, services, and investment are being addressed during the crisis; (5) the likelihood that the countries undergoing the crisis will undertake the necessary systemic reforms and whether they seek to alleviate the situation by increasing exports to the United States; and (6) the impact of the crisis on other U.S. trading partners in the region.
DETAILS FOR SUBMISSIONS OF REQUESTS TO BE HEARD:
Requests to be heard at the hearing must be made by telephone to Traci Altman or Bradley Schreiber at (202) 225-1721 no later than the close of business, Monday, February 16, 1998. The telephone request should be followed by a formal written request to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, 1102 Longworth House Office Building, Washington, D.C. 20515. The staff of the Subcommittee on Trade will notify by telephone those scheduled to appear as soon as possible after the filing deadline. Any questions concerning a scheduled appearance should be directed to the Subcommittee on Trade staff at (202) 225-6649.
In view of the limited time available to hear witnesses, the Subcommittee may not be able to accommodate all requests to be heard. Those persons and organizations not scheduled for an oral appearance are encouraged to submit written statements for the record of the hearing. All persons requesting to be heard, whether they are scheduled for oral testimony or not, will be notified as soon as possible after the filing deadline.
Witnesses scheduled to present oral testimony are required to summarize briefly their written statements in no more than five minutes. THE FIVE-MINUTE RULE WILL BE STRICTLY ENFORCED. The full written statement of each witness will be included in the printed record, in accordance with House Rules.
In order to assure the most productive use of the limited amount of time available to question witnesses, all witnesses scheduled to appear before the Subcommittee are required to submit 200 copies of their prepared statement and an IBM compatible 3.5-inch diskette in ASCII DOS Text or WordPerfect 5.1 format, for review by Members prior to the hearing. Testimony should arrive at the Subcommittee on Trade office, room 1104 Longworth House Office Building, no later than 5:00 p.m., Friday, February 20. Failure to do so may result in the witness being denied the opportunity to testify in person.
WRITTEN STATEMENTS IN LIEU OF PERSONAL APPEARANCE:
Any person or organization wishing to submit a written statement for the printed record of the hearing should submit at least six (6) single-space legal-size copies of their statement, along with an IBM compatible 3.5-inch diskette in ASCII DOS Text or WordPerfect 5.1 format only, with their name, address, and hearing date noted on a label, by the close of business, Tuesday, March 10, 1998, to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, 1102 Longworth House Office Building, Washington, D.C. 20515. If those filing written statements wish to have their statements distributed to the press and interested public at the hearing, they may deliver 200 additional copies for this purpose to the Subcommittee on Trade office, room 1104 Longworth House Office Building, at least one hour before the hearing begins.
FORMATTING REQUIREMENTS:
Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below. Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.
1. All statements and any accompanying exhibits for printing must be typed in single space on legal-size paper and may not exceed a total of 10 pages including attachments. At the same time written statements are submitted to the Committee, witnesses are now requested to submit their statements on an IBM compatible 3.5-inch diskette in ASCII DOS or WordPerfect 5.1 format. Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record.
2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.
3. A witness appearing at a public hearing, or submitting a statement for the record of a public hearing, or submitting written comments in response to a published request for comments by the Committee, must include on his statement or submission a list of all clients, persons, or organizations on whose behalf the witness appears.
4. A supplemental sheet must accompany each statement listing the name, full address, a telephone number where the witness or the designated representative may be reached and a topical outline or summary of the comments and recommendations in the full statement. This supplemental sheet will not be included in the printed record.
The above restrictions and limitations apply only to material being submitted for printing. Statements and exhibits or supplementary material submitted solely for distribution to the Members, the press and the public during the course of a public hearing may be submitted in other forms.
The
Committee seeks to make its facilities accessible to persons with
disabilities. If you are in need of special accommodations, please
call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event
(four business days notice is requested). Questions with regard to
special accommodation needs in general (including availability of
Committee materials in alternative formats) may be directed to the
Committee as noted above.