Remarks by President Bush at CEO Sum

Remarks by President Bush at CEO Summit

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　　Casa Piedra

　　Santiago, Chile

　　Saturday November 20

　　PRESIDENT BUSH:

　　Thank you very much. Siente se. Gracias. Thank you for the warm welcome. It is such an honor to be in Chile. Whoever is responsible for the weather, thank you very much. Laura and I are delighted to be here. Chile is such a fabulous country. It's a at place to talk about entrepreneurship and the entrepreneurial spirit. It's a country which shows the world what is possible when you create the right conditions for economic vitality and economic growth. And we're so honored to be here.

　　I want to thank my friend, Ricardo Lagos, for organizing this summit. I appreciate the business leaders who are here. I thank you for your interest in working collaboratively with business leaders from around the world. And as a result of vision and hard work, we meet today on the eastern rim of an incredibly dynamic region.

　　In our lifetimes, we've seen the Asia Pacific region grow in wealth and freedom beyond many -- beyond that which many thought was possible. If you think back about 20 years ago, what people thought about the Asian Pacific region, they couldn't imagine such prosperity and such wealth and such freedom. And that's what APEC is all about, as far as I'm concerned. And that's why it's an honor to be here at this summit, with my fellow leaders.

　　Incredibly enough, APEC economies account for nearly half of all the world trade, and half of the world's economic output. For somebody who is interested in prosperity for my own citizens, it's a good place to hang out, with that much trade commerce. And I believe that this new century, with the right policies, can extend the prosperity even further. And that's what we're here to discuss.

　　I believe we must increase the flow of trade and capital. I know our societies must reward enterprise and open societies and open markets. I know we've got to reject the blocks and barriers that divide economies and people. And I believe, with the right policies, we can continue to grow.

　　I'm honored to be here today with a man who has served our country so well, a at United States Secretary of State, Colin Powell. Right after my speech, he's headed to the Middle East. That's a heck of a retirement, Mr. Secretary. I look forward to your report when you get back.

　　I want to thank the U.S. members of the APEC Business Advisory Council. I want to thank you for your hard work. I want to thank you for representing our country so well. I appreciate Gary Benanav, and Mike Drucker, and Robert Prieto for your hard work in organizing this summit and representing the business leaders who are here.

　　You know, what's interesting about our country is that for years we were isolated from the world by two at oceans, and for a while we got a false sense of security as a result of that. We thought we were protected forever from trade policy or terrorist attacks ause oceans protected us. What's interesting about today's world is that the oceans now connect us. It didn't take all that long in the march of history for that change to take place. And, therefore, America must respect and value the friendships they were able to make as a result of our transatlantic and transpacific ties. Right after I'm inaugurated, I'll go to Europe to renew our transatlantic ties, to remind the people of Europe how important my administration regards our vital Atlantic alliance.

　　And, of course, our nation is Pacific country, as well. And that's why the OPEC conferences are so important. Do you realize, the capital of our 50th state is nearly as close to Sydney and Manila as it is to Washington, D.C.? That's a Pacific Rim nation. More than 15 percent of Americans claim Hispanic of Asian Pacific heritage. Our APEC partners account for nearly two- thirds of all American exports and imports. America's future is inseparable from our friends in the Pacific. And by working together, and by continuing to foster reasonable pro-growth economic policies, the fellowship of Pacific nations will continue to be strong. That's what I'm here to tell you.

　　There is a different attitude in the world about foreign policies, particularly if you happen to be an influential nation. In the past, many powerful nations preferred others to remain underdeveloped, and therefore, dependent. It was a cynical doctrine. And that doctrine is unsuited for our times. In this century, countries benefit from healthy, prosperous, confident partners. Weak and troubled nations export their ills -- problems like economic instability and illegal immigration and crime and terrorism. America and others sitting around the table here at APEC understand that healthy and prosperous nations export and import goods and services that help to stabilize regions and add security to every nation. So we've got three clear goals to help spread prosperity and hope and to secure the peace.

　　We want to seek wider trade and broader freedom and ater security for the benefit of our partners and for the benefit of all. That's what I'm going to do over the next four years. The first goal is to lower barriers to trade and investment and to promote sound fiscal policies for all our governments. Free and fair trade combined with prudent fiscal discipline are the foundation of the region's remarkable prosperity, and I'm committed to staying on the path to pro-growth, pro-economic growth -- economic growth by pro-growth policies. We're doing our part.

　　You know, we've overcome a lot in the U.S. economy. We faced a recession, coupled with terrorist attacks, which affected our capacity to grow. But we stimulated our economy by cutting taxes. And America is growing again, and people are working. And the question ahead is, how do we make sure we maintain growth.

　　We need legal reform in the United States. We got to make sure that those who risk capital are rewarded for taking risk, and not subject to needless and frivolous lawsuits. We need regulatory reform in the United States. Our tax code is too complex. So I'm going to work with members of both political parties to simplify the tax code. But I also understand there is concern about whether or not our government is dedicated to dealing with our deficits, both short-term and long-term. I look forward to standing up in front of the Conss in my State of the Union and telling them why I submitted a budget that will help us deal with the short-term deficit of the United States, and I will do that. And I'll also work with members of Conss to deal with the unfunded liabilities of our entitlement systems, so that we can say clearly to the world, the United States of America is committed to deficit reduction, both short-term and long-term.

　　Overall, the economy of this part of the world is expected to grow by nearly 5 percent this year. And that's good news, and the United States wanted to be a part of that growth. We can add to that pross by reducing trade barriers that I believe are an obstacle to economic growth everywhere, especially in the developing world. And so this government and our country is strongly committed to the WTO's Doha Round of negotiations. And my Trade Minister will be strongly committed to ensure the success of the WTO round. And we need your help in making sure that nations around the APEC table are focused on the benefits of global trade, that we put aside some differences that could prevent Doha from going forward.

　　We will continue to assist our Asian Pacific partners in meeting their WTO obligations. We are encouraging Russia and Vietnam in their efforts to join the WTO. The history between our countries has changed dramatically between America and Vietnam and Russia. The tensions are no longer existing, conflict is behind us, and we have a chance to work with those countries for the common good -- and we will.

　　We're going to be agssive about our bilateral trade aements and our regional trade aements. We've completed trade aements with nations throughout Asia and the Americas, including Australia, Singapore, Chile, the five nations of Central America and the Dominican Republic. We are working on new aements with Thailand, Panama, the Andean nations of South America. We're moving ahead with the enterprise for the ASEAN initiative, which is lowering trade barriers and strengthening economic ties in Southeast Asia. We're committed to the Bogor goals, which call for free trade among developed nations of the Asian Pacific region by 2010, and free trade among all APEC economies by 2020. We seek free trade in the Americas, uniting markets of all 34 free nations in the Western Hemisphere.

　　I think you can tell that I believe free trade is necessary for economic development, that free trade is essential to prosperity. But it is not sufficient, and we understand that. All governments in the region must make the difficult choices needed to stabilize economies and to keep public finances on foot. We have been impressed by the reform programs in Chile and Colombia and Uruguay that have spurred growth and investment in those countries and throughout the region.

　　My nation and many others have acted to lift the crushing burden of debt that limits the growth of developing economies and holds millions of people in poverty, and we will continue to do so. We will continue working to relieve the current debt of those highly-indebted poor countries that pursues sound fiscal policy. We will continue to encourage our large trading partners to adopt flexible market-based exchange rates for their currencies.