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[Page: H2324]

The SPEAKER pro tempore. Under the Speaker's announced policy of May 12, 1995, the gentleman from Guam [Mr. Underwood] is recognized during morning business for 5 minutes.

Mr. UNDERWOOD. Mr. Speaker, today the House will take up later on House Concurrent Resolution 148, a concurrent resolution expressing the sense of Congress that the United States is committed to the military stability of the Taiwan Straits and to the defense of Taiwan against invasion, missile attacks, or blockade by the People's Republic of China. The House's consideration of this resolution is timely. It coincides with meetings today between United States and Taiwanese officials to discuss Taiwan's defense needs and possible United States weapons sales in a regularly scheduled annual consultation.

Consideration of this resolution also comes at a time of increased military maneuvers by the People's Republic. Over the past few months, China has conducted missile tests off the coast of Taiwan, including missile firings which have landed adjacent to Taiwanese major ports and live ammunition fire operations in the Straits.

Yesterday China upped the ante by declaring that they will go forward with planned war games around islands it controls and ordered residents to evacuate. The PRC also announced a new series of exercises in a large part of the Taiwan Straits and has warned international shipping and aviation to stay away from the region.

The reason for the PRC's escalation is clear: It is an orchestrated campaign to intimidate Taiwanese voters and to influence the outcome of Taiwan's first direct Presidential elections this coming Saturday. The resolution under consideration today rejects this type of coercion and supports the historic democratic election in Taiwan this weekend. It reinforces the Clinton administration's support for democracy and stability in the region and peaceful resolution of the current dispute.

As the Member of Congress whose district is closest to this conflict and directly impacted by the outcome, I am mindful of its implications for Guam. While some have argued that my islands could benefit by some of this instability, I reject this line of thinking. Even though some short-term economic gain may result from capital diverted from the region to Guam, our long-term economic growth will suffer without economic prosperity in Pacific Rim and Pacific Basin nations and territories.

Guam's economy is tourist driven, roughly 1 million of whom arrive from the Asia Pacific region. Tourist arrivals have increased over 180 percent in 10 years, with Korea and Taiwan recently leading the way as the fastest growing visitor markets. Increasingly our economy also depends on investment from Japan, Taiwan, the Philippines and South Korea. A blockade, invasion or missile attack on Taiwan would not only affect Taiwan, but also the United States and the rest of the region.

Economic growth throughout the United States would be jeopardized if the flow of exports to the region is disrupted in any way. Over 40 percent of all United States trade involves the Asia-Pacific region. U.S. trade in the region now exceeds $370 billion, which is 76 percent greater than U.S. trade with Europe. An estimated 2.6 million American jobs depend on United States exports to Asia.

Taiwan has become a major trading partner of the United States and all the major economies in the region. Taiwanese two-way trade with the United States is roughly $43 billion. Furthermore, United States, Japan, and Hong Kong account for more than 60 percent of Taiwanese exports. We can only imagine what would happen if the 19th largest economy in the world was cut off from the rest of the world by an invasion, blockade or missile attack. When the peso collapsed in Mexico last year, shock waves went throughout economies and stock markets as far away as Asia. A disruption of trade in and out of Taiwan could have even greater consequences.

Over the past 50 years, U.S. engagement in Asia and the Pacific has ensured a stable political and military environment and made possible the tremendous economic growth in the Pacific region. We should welcome the Clinton administration's dispatch of the Nimitz and the Independence. It sends Beijing a strong signal that the United States is committed to regional stability and economic growth. The resolution before the House only strengthens this commitment.

It is my hope that when the current dispute is resolved, Congress and the administration and the American people will wake up to a very new geopolitical reality. The Asia-Pacific region has become the most dynamic region in the world, and all major indicators point to the Asia-Pacific region as the most vibrant region in the next century. The region is home to the seven largest armies in the world, the largest population, and the greatest volume of trade.

Let us not turn our back on Taiwan. Let us support them, and let us support the resolution.

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