And U.S. companies many of them Council members support more than 1.2 million jobs in Latin America. As we approach the New Millennium, I am more convinced than ever that U.S. trade with the Americas and within the Americas will only grow in importance. I'd like to suggest three reasons why I think this is so, and mention some steps the Commerce Department is taking to help U.S. firms and workers take advantage of it. But let me begin by noting that for the immediate future, U.S. trade with the region confronts some difficult times. You all know this.
Regional economies are clearly in a downturn.
In contrast to collective growth of almost five percent in 1997, last year Latin America grew less than two percent and this year growth is expected to turn negative. This slowdown will be visible in our trade. Excluding Mexico, last year marked the first time since the early '80s that U.S. total trade with Latin America declined. Our exports to the region were flat and falling commodity prices depressed our imports. This year, austerity programs in many countries will further reduce the demand for our exports.