The IER is produced as part of the ITC's international trade monitoring program. The program's purpose is to keep the Commission informed about significant developments in international economics and trade and to maintain the Commission's readiness to provide technical information and advice to policy makers in the Congress and the executive branch. The opinions and conclusions of the IER are those of the authors and do not necessarily reflect the views of the Commission or any individual Commissioner.

The current issue (March/April/May 1998) includes the following articles:

• Free Trade Area of the Americas Negotiations Launched -- The second summit meeting of heads of state of the Western Hemisphere was held in Santiago, Chile, on April 18-19, 1998. At that meeting, the heads of state formally launched negotiations for the Free Trade Area of the Americas.

• In 1997, Mexico Outranked Japan For the First Time as the Second Largest U.S. Export Market -- In 1997, the United States set a new record for total trade with Mexico. Since U.S. exports to Mexico have risen faster than U.S. imports from Mexico, the U.S. trade deficit with Mexico narrowed from $19.5 billion in 1996 to $16.6 billion in 1997.

In addition, the publication reviews U.S. economic performance relative to other major trade partners, U.S. trade performance, and economic forecasts. Comparative economic indicators for major industrialized countries are also provided. An annual IER chartbook depicting trends in U.S. trade with major trading partners and regions is also included in the IER series.

The current issue of the IER (USITC Publication 3109, March/April/May 1998) is available on the ITC's Internet server at www.usitc.gov. To request a printed copy, write to the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, D.C. 20436, or fax requests to 202-205-2104. To be added to the mailing list for the publication, write to the Office of Economics, U.S. International Trade Commission, 500 E Street SW, Washington, D.C. 20436, or fax requests to 202-205-2340.