"The first fruit of our labor was realized in December when, following overwhelming bipartisan votes in favor of implementation in both the House and Senate, the President signed into law the Peru Trade Promotion Agreement."

"The Peru FTA is a clear victory for US exporters for whom it levels the playing field in the Peruvian market. Apart from the mutual economic benefits, the agreement also solidifies a partnership with a vital ally. And it is an important step in realizing President Bush’s long-term vision to promote freedom, opportunity, and growth in the Americas.

"So we have arrived at the Peru point on the road," she said.

"In the coming year we have a lot farther to go along this road. And incremental progress with good intentions is not enough. As they say, the road to hell is paved with good intentions. No, Leadership demands a different destination," Schwab observed, going on to add that:

"As you know, the Colombia, Panama, and Korea free trade agreements now await approval by the Congress. The completion and signing of the Panama and KORUS FTAs were also major accomplishments of 2007, and as with Peru and Colombia, both countries embraced the labor and environment provisions contained in the May 10 deal."

Schwab then went on to talk about different elements of the agreements with other countries, beginning with Columbia:

"The first up on our legislative agenda this year is the Colombia Trade Promotion Agreement," she revealed, continuing:

"In the Colombia FTA, we hold within our grasp the unique opportunity to choose the path that is both strategically imperative and morally just. The FTA will serve to ensure an active US role in fostering stability and security in a region of critical interest to our national security. A region that is home to some who loudly advocate a different path than the pro-market, pro-growth, pro-US stance adopted by Colombia."

"Economic growth has been a critical component of Colombia’s dramatic resurgence, and now with that nation on the cusp of locking in the stunning transformation that began with Plan Colombia, some are suggesting that we delay this chance to bolster the engine of that economic growth."

Moving briefly onto Panama, Schwab stated that:

"Now a word about Panama - Panama has also been a beneficiary of trade preferences that have long provided most Panamanian exports duty-free access to the United States."

"This FTA allows for 88% of US manufactured goods exports to Panama to enter duty-free upon the agreement’s entry into force. As in the case of Peru and Colombia, the Panama FTA makes commercial sense, and it will help the US cement yet one more relationship of geopolitical importance in the Americas."

With regard to South Korea, the USTR continued:

"That then takes us to the most commercially significant FTA of them all – the US-Korea, or KORUS FTA."

"Here, the first question I tend to get asked is “where’s the beef.” The good news is that we continue to work in good faith with our Korean colleagues to fully re-open this important market and ensure that U.S. beef gets treated with the respect that international standards of science demand."

"Once this is resolved, I count on you to help us generate the electricity of support and excitement that this agreement deserves and to propel it to passage on the Hill."

Finally, speaking out about relations with China, Schwab concluded:

"The President’s strategy on how to grapple with the economic challenge – and grasp the opportunity – of a rising China is delivering results."

"Of course we think it’s in both countries interests to be able to show more results and more quickly, so we have – and will continue – to act quickly, firmly, and decisively with the most effective tools at hand. This includes dialogue where possible and enforcement when necessary."

Schwab rounded off her speech by stating simply:

"Let me leave you, though, with one final prediction – a guarantee. It is going to be a very busy year on the trade front. A busy year and 3 days, to be precise."