U.S. tells Asia to shore up security or lose trade

U.S. tells Asia to shore up security or lose trade

Reuters, Bangkok

The Asia-Pacific region needs to tighten transport security against the threat of terror attacks or face a drop-off in trade, a U.S. official said on Tuesday.

Eduardo Aguirre, vice chairman of the U.S. Export-Import Bank, said the region had to step up security on ships and airplanes and offered funds to nations that wanted to buy U.S. technology.

"For free trade to be effective, it has to be free of terrorism, sabotage and other such impediments. It cannot be hobbled by security issues," Aguirre said in a speech to Asia- Pacific Economic Cooperation (APEC) officials in Bangkok.

"As the APEC governments identify their trade security needs, the Ex-Im Bank stands ready to support the export of U.S. equipment, technology and services that could meet these needs," he said.

APEC, one of the world's largest trading blocks, sees an annual trade flow of more than US$2.8 trillion and accounts for more than half of world trade.

Aguirre said the United States could not afford to shut down all airports and rail systems as it did after the Sept. 11, 2001, attacks on the United States.

"Clearly, this is not a viable long-term solution for any nation, least of all one where more than $2 trillion of trade flows through our ports and airports each year," he said.

Larry Greenwood, U.S. Ambassador to APEC, said the United States would present a detailed trade security plan to APEC leaders at an annual meeting in Bangkok in October.

"There is urgency in virtually everything we are doing," Greenwood told a news conference. "The terrorists aren't going to wait until we're ready, to attack again."