Chamber Applauds Senate Rejection Of Thompson Amendment on China PNTR

WASHINGTON, D.C. – The United States Chamber of Commerce applauded today's Senate action tabling by a wide margin (65-32) an amendment by Senator Thompson (R/TN) to the bill granting China permanent normal trade relations (PNTR). The amendment threatened the next president's ability to manage foreign policy, by mandating unilateral sanctions, and was delaying Senate consideration of China PNTR.

"The log jam on China PNTR is finally – and thankfully – broken," said Thomas Donohue, Chamber President and CEO. "Now the Senate can focus on the important goal of passing PNTR for China. Once the Senate focuses on the facts, no amount of pressure from those who would isolate this country can hide the fact that this trade deal with China is in America's best economic and national security interests."

Overall, the trade agreement worked out with China last year – which hinges on congressional approval of PNTR – would boost annual U.S. exports by roughly $13 billion in five years and increase agricultural exports by $2.2 billion per year, according to recent surveys. Barriers to foreign investment will be reduced and certain markets – including telecommunications, insurance, banking and securities – will be opened for the first time.

"Around the world, increased trade raises living standards, opens up closed societies, and generates the wealth needed to pay for social programs," said Donohue, by phone from Seoul, Korea, where he is leading a two-week, trade mission to Asia to address business groups and meet with senior government leaders, including heads of government in Korea, Japan, Hong Kong and China.

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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