U.S. Chamber Hails House Action on Vietnam Waiver

WASHINGTON, D.C. – The United States Chamber of Commerce hailed today's bipartisan House action to reject legislation that would undercut U.S. businesses' and farmers' ability to trade with Vietnam. By a wide margin (332-91), the House preserved the "Jackson-Vanik" waiver, which gives American businesses access to export assistance.

"Extending the trade waiver means American companies will be able to compete with their European and Asian counterparts," said Willard Workman, Chamber vice president international. "Vietnam is the second largest country in Southeast Asia and it is vitally important to American farmers, businesses and their workers."

The Jackson-Vanik waiver permits U.S. businesses to seek export assistance from the U.S. Export-Import Bank and the Overseas Private Investment Corporation. Such assistance includes loan guarantees, insurance and other export finance programs. Foreign competitors routinely receive export subsidies from their home government, so U.S. export assistance is necessary if America is to remain competitive.

"Vietnam and Asia hold significant long-term potential for many U.S. companies and farmers," said Workman. "The good news is, Congress is increasingly aware of the vital role a vigorous trade policy plays in economic growth."

The House defeated the attempt to overturn the trade waiver (H.J. Res. 99) by 91-332. This is a much stronger vote than last year, Workman noted, when the House defeated a similar attempt by a vote of 130-297.

The increase in congressional support for trade with Vietnam reflects in part the completion of a bilateral trade agreement that will give American companies and their workers significant access to Vietnamese markets. Congress must still approve the trade agreement, which would extend Normal Trade Relations to Vietnam on an annual basis. The Chamber supports holding a vote on the trade agreement as soon as possible.

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

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