U.S. Relations With the People's Republic of China (2008)

The White House

For Immediate Release
Office of the Press Secretary
November 22, 2008

President Bush Attends APEC CEO Summit 2008

Ministry of Defense Convention Center
Lima, Peru

9:48 A.M. (Local)

PRESIDENT BUSH: Gracias, señor. (Laughter.) What he forgot to say, Secretary Rice, is that he went to Notre Dame. She is a great supporter of Notre Dame. And thank you for having me. Laura and I are delighted to be back in your country.

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Trade is seen as controversial in some places, but here in the Asia Pacific region its benefits are beyond doubt. Trade transformed the economies of the "Asian Tigers" -- Singapore, South Korea, Hong Kong, and Taiwan -- into global powerhouses. Trade fueled the rise of a new generation of Tigers -- nations like Malaysia, Indonesia, Thailand, and Vietnam. And in the most dramatic case of all, trade helped lift China out of isolation and poverty -- and into three decades of rapid economic growth and closer engagement with the world.

Expanding trade and investment has been one of the highest priorities of my administration. When I took office, America had free trade agreements in force with only three nations. Today, we have agreements in force with 14 -- including China*, Singapore, and Australia. We have agreements that will soon take effect with three more countries, including Peru. We concluded agreements with Colombia, Panama, and South Korea. And it is extremely disappointing that the United States Congress adjourned without passing these three agreements. And I urge all those who support free trade to continuing pressing the case for the Congress to pass free trade agreements with Colombia and Panama and South Korea. (Applause.)

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In addition to negotiating these free trade agreements, my administration supported the accession of China, Taiwan, and Vietnam into the World Trade Organization. We're negotiating bilateral investment treaties with China and Vietnam. We're discussing similar agreements with Taiwan, Indonesia, and Russia.

These steps have brought benefits to America, and they brought benefits to our trading partners. Since I took office, America's trade with the world has grown from $2.5 trillion to $4 trillion -- an increase of nearly 60 percent. Trade with Chile and the United States has more than doubled. Trade between Peru and the United States has more than doubled. And trade between China and the United States has more than tripled. Overall, America's trade with APEC nations now accounts for nearly two-thirds of our trade in the world.

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END

10:11 A.M. (Local)

*Chile