ease their transition to market economies. And in the Philippines, the Multilateral Assistance Initiative (MAI) has been responsible for nearly doubling the level of international assistance to this struggling democracy. We are also looking to our worldwide partners to assist us in clearing arrearages of Panama and Nicaragua to the international financial institutions and to assist in the financing of the enhanced debt strategy. Finally, we are encouraging Europe and Japan to join us in pledging $ 100 million a year over five years to create a Multilateral Investment Fund for Latin America and the Caribbean. This fund is a key part of the President's Enterprise for the Americas initiative and will play a crucial role in enabling countries to move from aid to trade and private investment as the principal engines of economic growth.

         In each case, both strong US leadership and a community of interests are essential to catalyze a broad worldwide response.

         Four, we envision more creative use of trade and investment policies as vehicles to promote US interests in world economic growth, as well as to enhance our own economic strength.

         Central to these efforts over the past four years has been our determination to pursue a successful conclusion to the Uruguay Round of trade negotiations. We continue to believe that the Uruguay Round has profound political as well as economic implications for the shape of the world in the next century. Successful conclusion of the round is essential for the economic growth and stability of the emerging Eastern European democracies, as well as the wide range of developing countries who will ultimately rely on expansion of world trade - not aid - as the primary vehicle to generate employment opportunities and sustainable economic growth.

         In our own hemisphere, the President's Enterprise for the Americas Initiative represents a comprehensive effort to promote economic growth and stability in the region, combining free trade and investment - the primary vehicles for growth - with debt relief and environmental initiatives.

         As an important step toward the eventual goal of hemispheric free trade, the Administration intends to seek a North America Free Trade Area with Mexico and Canada, which we are convinced promises important economic benefits for all three countries. Since the President's announcement last June of his desire to seek a free trade agreement with Mexico, we have engaged in extensive consultations with Congress and the private sector. Canada's participation in these talks will establish a free trade zone throughout the world's largest market, worth over $6,000,000 and including more than 350 million consumers. The resulting stimulus to exports and the creation of new business opportunities would act as a significant engine of growth and employment generation.

         Meanwhile, the United States has worked actively with our Asian partners in the Asia Pacific Economic Cooperation (APEC), to advance market-oriented cooperation among member-states.

         Our Bilateral Investment Treaty program has been an important vehicle in ensuring an open and liberal investment climate for US investors and exporters. Over the past year, we completed negotiations with Poland and Czechoslovakia and are actively negotiating with nine other countries, which are in the process of undertaking economic restructuring programs.

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