THE US administration is proposing to establish a trilateral business council, made up of private sector companies on both sides of the Border and in the US.

At the opening plenary session of the US Conference for Trade and Investment in Northern Ireland, Secretary of State for Commerce, Mr Mickey Kantor, proposed the initiative. He said the administration would be pushing to fulfil its obligations to the International Fund for Ireland.

So far, the US had donated $60 million (£37.7 million) the fund, out of a promised $100 million. He pledged that economic development in Ireland would be high on the administration's agenda if it won - a second term in office.

"I am offering a challenge to the business communities of the US, Northern Ireland and the Border Counties to establish a three way mechanism to cultivate and support future initiatives.

This body would then work in "concert" with business leaders to identify and overcome obstacles and to identify and maximise opportunities.

"I am confident they will come together to advise the Government on the way forward," he said.

These "public private partnerships" are an article of faith at the Department of Commerce, he said. "They have proven the most effective way to jump start economic development that not just builds and strengthens peace, but also delivers jobs and business growth."

Mr Kantor said Northern Ireland was at a "crossroads". He pointed out that the slowdown in economic growth this year was a clear, undeniable reminder that peace and prosperity went hand in hand. "The prospects for peace in Northern Ireland will be strengthened by what we achieve here over the coming days and by the ties of commerce and of shared purpose that we take with us from here."