US Gov't Eyeing Key Trade Partners on WTO Compliance; Where She Has Deficits
Cahiles-Magkilat, Bernie, Manila Bulletin
The U.S. government is closely watching compliance of the multilateral trade rules of her trading partners in Asia including the Philippines in light of her ballooning trade deficit in this region.
In a speech before the 57th Asia-Pacific Council of American Chambers of Commerce, US Department of Commerce Assistant Secretary for Market Access and Compliance Patrick Mulloy admitted they have "tremendous problems with Asia".
For instance, Mulloy pointed out of their huge $218 billion trade deficit with Asia. Its latest figure showed the US exports to Asia amounted to only $191 billion as against the growing $409 billion exports of Asia to the US.
In the case of China, Mulloy said their trade agreement signed last year, hoped to bring China into the fold of the World Trade Organization (WTO) and forced China to comply with the multilateral trade rules is still facing hitches in Congress.
The agreement, wherein China agreed to lower substantially tariffs on products including agricultural items, still needs a legislation to grant China a permanent normal trade relations with the US. …