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FTAs COULD CONSTITUTE WORLD'S 9th LARGEST ECONOMY
 
WASHINGTON, DC - According to a recent Cato Institute paper by economist Dan Griswold, the markets opened through the recently completed Chile and Singapore FTAs, the ongoing Morocco, Central America (CAFTA), South African Customs Union (SACU), and Australia FTA negotiations, and the proposed Bahrain FTA negotiations, taken together as a group would constitute the 4th largest US export market and the world's 9th largest economy in terms of purchasing power.

In early 2001, the US "began to pursue a strategy of promoting trade liberalization globally, regionally and bilaterally," Griswold wrote.

"The United States helped launch the ongoing World Trade Organization (WTO) negotiations, called the Doha Development Agenda, and has put forward bold proposals in agriculture, services and goods to spur the talks forward," he wrote.

Along with its co-chair Brazil, the US has said it will put a "maximum effort" into completing the Free Trade of the Americas pact on schedule.

The US is hosting the next FTAA Ministerial in Miami later this year.

TRADE GAP NARROWS, EXPORTS UP IN JUNE

WASHINGTON, DC - The US trade deficit unexpectedly narrowed a little in June as exports picked up the pace, according to the US Department of Commerce.
 
The deficit shrank to $39.55 billion in June, down from $41.48 billion in May.

Exports during the month rose $1.95 billion, or 2.4% to a two-year record of $84.62 billion, while imports were virtually flat, edging up just $11 million to $124.17 billion.
 
Looking at trade in goods alone, the deficit shrank $1.69 billion, or 3.6%, to and even $45 billion as exports expanded for capital goods, consumer goods and industrial supplies. Exports of civilian aircraft rose 19.6% to $2.0 billion.
 
The surplus in US service sector exports in June grew by $246 million, or 4.8% to $5.42 billion, boosted by increases in travel and airline passenger fares.
 
For the first half of 2003, however, the trade deficit amounted to a total $244.3 billion, expanding a dramatic 25.4% from the same period last year.
 
The US trade deficit with China widened to a seven-month record of $9.99 billion from $9.86 billion the previous month.
 
The deficit with Japan grew to $5.38 billion from $4.49 billion in May.
 
The trade deficit with the European Union expanded to $7.77 billion from $7.40 billion, while the US deficit with so-called "newly industrialized" areas - Hong Kong, South Korea, Singapore, and Taiwan combined - eased slightly to $1.67 billion from $1.82 billion.
 
In North American trade, the US shortfall with Mexico was barely changed at $3.42 billion, while the US deficit with Canada shrank to $3.79 billion from $3.85 billion.
 
US TO INTEGRATE DOMINICAN REPUBLIC INTO CAFTA TALKS
 
WASHINGTON, DC - US Trade Representative Robert Zoellick has formally notified Congress of the Bush Administration's intention to integrate the Dominican Republic into the Central American Free Trade Agreement (CAFTA) being negotiated between the US and five nations in Central America.

In letters to congressional leaders, Zoellick explained that a trade agreement with the Dominican Republic "will foster growth and create jobs in the United States, enhance the Dominican Republic's trade and business ties with Puerto Rico, and promote economic growth and integration in the Caribbean."

A copy of Zoellick's letters to Congress and a fact sheet about trade and the Dominican Republic are available online at www.ustr.com

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