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April 4, 2011
WASHINGTON, DC, April 4, 2011 — John Veroneau, a partner at Covington & Burling LLP, recently testified before the Senate Finance Committee about the role that the Asia-Pacific Economic Cooperation has in fostering global trade and investment. Mr. Veroneau, the former Deputy U.S. Trade Representative and USTR General Counsel, told senators about the economic benefits of foreign markets opening to U.S. exports. “Tremendous gains in market access have been achieved over the years through global agreements like the General Agreement on Tariffs and Trade, regional agreements like the North America Free Trade Agreement and bilateral agreements like the U.S.-Chile Free Trade Agreement,” Mr. Veroneau said. “There is more work to be done to open foreign markets to U.S. goods and services, beginning with passage of trade agreements with Colombia, Panama and Korea.” Mr. Veroneau warned that if the United States “sits on the sidelines,” it would put the nation at a severe competitive disadvantage. Congress should implement clearer rules and stronger enforcement tools to prevent foreign governments from blocking U.S. imports, he said. To read Mr. Veroneau’s testimony, please click here.