CONTACTS: John Reid/ Rebecca Wilder
(202) 463-5682 / 888-249-NEWS

 

Friday, June 29, 2007

 

 

WASHINGTON, DC—With the imminent lapse of Trade Promotion Authority (TPA) tomorrow, the U.S. Chamber of Commerce called on Congress to renew this important authority, which allows the U.S. to negotiate market-opening free trade agreements with other countries.

 

“When TPA lapses, the U.S. will again be the wallflower of the international trade dance,” said U.S. Chamber President Tom Donohue.  “Other countries will continue negotiating trade agreements without us.  Trade is a motor of growth and jobs, and unless Congress acts promptly, American workers will pay the price.”

 

America’s free trade agreements (FTAs) are bringing real benefits to American workers, farmers, and companies.  U.S. total trade is now equivalent to 27% of gross domestic product, and exports directly support 12 million well-paying jobs.  Ninety-seven percent of America’s exporters are small businesses.  Nearly half of American exports go to markets where they enter duty-free thanks to these agreements.  Today, exports to new FTA partners are growing twice as fast as exports to the rest of the world.

 

Importantly, the global trade talks known as the Doha Development Agenda will remain stalled without TPA extension, according to Donohue.  Since 1945, similar agreements have brought global tariffs down sharply, ushering in a 14-fold rise in international trade and raising incomes worldwide.

 

“In addition to our concerns about TPA, it is imperative that Congress act on the pending bilateral free trade agreements with Peru, Colombia, Panama, and Korea,” said Donohue.  “We look forward to working with Congress to restore the bipartisan consensus on trade and urge congressional leaders to bring up the Peru agreement before the August recess.”

 

The U.S. Chamber of Commerce is the world’s largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

 
# # #               

 

07-125