Firstly, he emphasized the importance attached to foreign trade by the Obama Administration, as it tries to create more jobs in the US economy during a recovery from the recession. President Obama has set a target of doubling exports over the next five years.

In that respect, Marantis was of the opinion that, particularly in the Asia-Pacific region, the US finds itself at a “watershed moment”. On the one hand, he said, the region contains “huge markets that already are key destinations for US manufactured goods, agriculture products, and services. Even given the deteriorating global economy, in 2008 US goods exports to the Asia-Pacific region totalled USD747bn, up over 8% over the previous year.”

However, he continued, “despite these export successes, America faces the daunting prospect of getting locked out of the Asia-Pacific. Just four weeks ago, China and the 10 Association of Southeast Asian Nations (ASEAN) ushered in the world's third-largest free-trade area. In addition to the ASEAN-China trade deal, there are now 175 preferential trade agreements in force that include Asia-Pacific countries. More are on the way, with an additional twenty agreements awaiting implementation and more than fifty others under negotiation.”

He confirmed that the Office of the US Trade Representative (USTR) is looking to take the necessary action to advance US economic interests in the region. In December last year, USTR formally notified the US Congress of the Obama Administration's intent to enter into negotiations of the Trans-Pacific Partnership (TPP).

“Beginning with an initial group of seven partner countries - Australia, Brunei Darussalam, Chile, New Zealand, Peru, Singapore, Vietnam - the US hopes to shape the TPP into a high-standard, broad-based regional trade agreement”, he said. “We will consider and welcome new negotiating partners. It is our aim for the TPP to create a platform for economic integration across the Asia-Pacific region.”

“Beginning last month,” he added. “USTR began a transparent and ambitious consultation process, briefing and listening to the views of Congressional leadership, and Congress's trade, agriculture, and foreign relations committees. Together with Congress, we intend to work hard to shape the negotiating objectives for what President Obama and Trade Representative Ron Kirk have termed the first 21st century trade agreement.”

He explained that “a 21st century trade agreement is one that creates and retains US jobs, integrates US companies in Asia-Pacific production and supply chains, and promotes new technologies and emerging economic sectors. A 21st century trade agreement creates more opportunities for small- and medium-sized companies, prioritizes labour and environmental protections, and fosters development.”

He stressed that another pillar of the US' Asia-Pacific trade strategy is its involvement in the Asia-Pacific Economic Cooperation (APEC). Accounting for nearly half of global trade and just over 40% of the world's population, he said that APEC “has a diverse and important membership, including both large economies like China, Korea, and Japan, as well as most of the ASEAN countries. In 2011, the US will host APEC, providing us an incredible opportunity to put forward a bolder vision for APEC and allow us to eliminate barriers to trade and investment impeding greater economic integration in the region.”

In addition, he pointed to other important bilateral priorities for the US in the Asia-Pacific region. He confirmed that USTR will “continue to address concerns with Korea, and in consultation with Congress, present the US-Korea free trade agreement (KORUS) for Congressional consideration.”

However, with KORUS, he said that “there are still outstanding issues, particularly related to autos and beef, that we need to work through in close consultation with Congress and stakeholders. Once we address those concerns, we can realize KORUS's significant economic and strategic benefits and send a strong signal of America's commitment the region.”

He also disclosed that the US is “seeking to deepen and broaden our already extensive economic engagement with Japan - which is still our fourth largest bilateral trading partner and key market for many US exporters. I will be travelling to Tokyo to accelerate this engagement, and to raise some long-standing bilateral irritants related to insurance, autos, and beef.”