FROM THE OFFICE OF PUBLIC AFFAIRS

Treasury Secretary John Snow will travel to three Asian nations in early September where he will encourage countries to take strong measures to increase global economic growth.  

Secretary Snow will visit Tokyo, Japan September 1-2; Beijing, China September 2-3; and then Phuket, Thailand on September 4-5 for meetings with finance ministers of the Asia-Pacific Economic Cooperation (APEC) forum.

“Achieving strong and vibrant global growth is one of the world’s most pressing priorities,” said Secretary Snow.  “We live in an interdependent world economy where our fortunes are inextricably linked.  Let me be clear: increased economic growth overseas equals more jobs here.”    

In Japan, Secretary Snow will meet with top political, economic and finance officials of the Government of Japan.  He will also meet with private sector economists and financial analysts.  Secretary Snow has emphasized the importance of Japan, the world’s second largest economy, returning to strong economic growth.  Snow will assess Japan’s prospects for sustaining economic growth and review the nation’s efforts to end deflation and resolve non-performing loans in the nation’s banking system.  

“Japan’s growth is critical not only for its own citizens and for Asia, but also for Americans,” said Snow.  “Our economy directly benefits when Japan buys more of our goods and that creates jobs for Americans.” 

Secretary Snow will then travel to Beijing to meet with the Chinese leadership and their top economic officials as well as representatives from the business community and private economists.  Secretary Snow will discuss a broad range of issues important to the country's economic relationship with the United States, including liberalization and reform of the financial sector, trade, and exchange rate issues.

The visit to Thailand at the occasion of the meeting of the APEC finance ministers will give Secretary Snow the opportunity to engage in discussions with his counterparts in the region on economic issues affecting the global economy, with particular attention to Asia and the Pacific Rim.  In addition to official APEC meetings, Secretary Snow will host a series of bilateral discussions with finance ministers from the region.

Among the issues on the table at the APEC meeting is the plight of the emerging world.  Helping emerging nations lift themselves from poverty is a key priority for President Bush and his Administration.   Secretary Snow noted that raising growth also aides our friends in emerging economies, “Cooperation between the United States and our trading partners in Asia is vital for raising economic growth and improving living standards -- not just in our regions, but also in the emerging and developing economies as well.”

Secretary Snow recently visited the United Kingdom and Germany where he reviewed efforts to generate economic growth in the European Community market.   Upon  completion of this trip, Secretary Snow – in only seven months on the job - will have visited the world’s largest economies as part of his campaign to encourage global growth.