Reuters: US Dollar Report: U.S. trade chief avoids committing to address currency in trade pacts

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U.S. trade chief avoids committing to address currency in trade pacts Jul 18th 2013, 13:58 WASHINGTON, July 18 | Thu Jul 18, 2013 9:58am EDT WASHINGTON, July 18 (Reuters) - The top U.S. trade official on Thursday said he shared congressional concerns about foreign currency practices that put U.S. companies at a disadvantage, but stopped short of committing to address the issue in pending trade pacts. "These issues have been very much at the top of our agenda in engagement with countries of concern," U.S. Trade Representative Michael Froman told lawmakers, when asked at a congressional hearing whether the United States planned to address currency issues in trade talks with Japan and other Asia-Pacific countries. But he noted that Treasury has taken the lead on currency matters and has been pursuing those concerns in forums outside of trade pacts. "Whether its through the G7 in the case of Japan, or the G20, the IMF, elsewhere with regard to China, we've made very clear the importance of exchange rates being based on market determined forces," Froman said. "So we do see this as a very important issue and we pursue in the way we think is most effective at each juncture," he added.

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