Chamber Leader Calls U.S. Senate Vote for PNTR

WASHINGTON, D.C. - United States Chamber of Commerce President Thomas Donohue called today's bipartisan Senate vote granting permanent normal trade relations (PNTR) to China "a huge victory for free trade and open markets."

"PNTR opens China's markets, brings China into a rules-based trading system, and promotes peace and stability in Asia," said Donohue. "Once the Senate focused on the facts, no amount of isolationist pressure could hide the fact that PNTR is the best policy for America's economic and national security."

Donohue is in the middle of a two-week trip to Asia, meeting with business groups and senior government leaders, including heads of government in Korea, Japan, Hong Kong and China.

"The ball is in China's court now," said Donohue. "This is the message I intend to convey in Beijing. China will have to implement - and live by - its commitments to the United States and the other World Trade Organization members to provide for open access to its market and abide by the rules of the global trading system."

By some estimates, the agreement would boost annual U.S. exports by roughly $13 billion in five years and increase agricultural exports by $2.2 billion per year. Barriers to foreign investment will be reduced and certain markets - including telecommunications, insurance, banking and securities - will be opened for the first time.

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.

# # #

00-132