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Remarks With Indonesian Coordinating Minister Dorodjatun

SECRETARY POWELL: Thank you very much Mr. Minister. I am very pleased to be in Jakarta on my first visit here as Secretary of State. The United States and Indonesia are pursuing a wide range of important issues in concert. We are expanding and deepening our bilateral ties and our economic cooperation. And we are jointly contributing to the global fight against terrorism. We’ve just had a very good meeting with the Minister and his economic advisors and I commended the Minister for the positive steps that he and his economic team have taken toward economic and financial reform. Progress today, including the restoration and re-invigoration of relations with Indonesia’s international lenders, has strengthened the currency and Indonesia’s stock market. Millions of Indonesians have benefited as a result of these positive steps. That said, I urge that Indonesia redouble reform efforts in order to put the economy on a more sustainable long-term footing and we had a good conversation about ... [Read More]

Department of State Washington File: Text: USTR's Zoellick to Attend APEC Meeting in Bangkok, October 17-18

APEC's contribution to trade liberalization will be highlighted by an agreement reached in the context of APEC's telecommunications working group, where the United States and Singapore agreed to begin mutually recognizing test data and product approvals of telecommunications equipment from each other's economy. The United States and Singapore agreed to move forward with this initiative under their bilateral FTA. Singapore is the fourth APEC economy (following Chinese Taipei, Canada, and Australia) to sign such an agreement with the United States. This agreement will speed exports and lower costs for equipment suppliers, helping spur growth in a sector where U.S. trade surpassed $40 billion in 2002 (exports $22 billion, imports $23 billion). Zoellick noted the Enterprise for ASEAN Initiative (EAI), which President Bush announced at the APEC meetings in October, 2002, has been a useful tool to open markets in South East Asia. The EAI offers the prospect of bilateral free trade agree ... [Read More]

Why APEC Matters to Americans

The Asia-Pacific Economic Cooperation (APEC) forum was established in 1989 to promote economic integration around the Pacific Rim and to sustain economic growth. APEC currently has 21 members: Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Republic of the Philippines; Russia; Singapore; Chinese Taipei; Thailand; USA; Vietnam. In 1993 President Clinton, recognizing the value of top-level meetings to advance the work of creating a Pacific community, invited member economies' leaders to Blake Island, Washington, to meet informally to discuss major issues in the APEC region.  This gathering of economic leaders has become the single-most important institution in the Asia-Pacific region.  It brings top level attention to APEC's vision of free trade and investment as well as providing a forum for Leaders ... [Read More]

Department of State Washington File: Transcript: Powell Pledges Support For Indonesian Reform Efforts

SECRETARY POWELL: Thank you very much Mr. Minister. I am very pleased to be in Jakarta on my first visit here as Secretary of State. The United States and Indonesia are pursuing a wide range of important issues in concert. We are expanding and deepening our bilateral ties and our economic cooperation. And we are jointly contributing to the global fight against terrorism. We've just had a very good meeting with the Minister and his economic advisors and I commended the Minister for the positive steps that he and his economic team have taken toward economic and financial reform. Progress today, including the restoration and re-invigoration of relations with Indonesia's international lenders, has strengthened the currency and Indonesia's stock market. Millions of Indonesians have benefited as a result of these positive steps. That said, I urge that Indonesia redouble reform efforts in order to put the economy on a more sustainable long-term footing and we had a good conversation ... [Read More]