300 World Business Leaders Say Trade Key to Prosperity

300 World Business Leaders Say Trade Key to Prosperity

WASHINGTON, D.C.—The United States Chamber of Commerce called for swift congressional action to grant unfettered presidential trade promotion authority and issued a declaration on free trade's importance to continued U.S. prosperity, during a worldwide summit of business leaders. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

"Free trade creates more and better jobs, raises living standards and improves the environment in the United States and nations around the world," said U.S. Chamber President and CEO Thomas Donohue, opening the first-ever worldwide Chamber Federation Summit – One Voice for Trade. "World business leaders from 60 countries agree: enough is enough, renew trade promotion authority and re-engage global markets."

In their statement, the business federation leaders outlined a four-point plan to keep the United States competitive: pass trade promotion authority; pursue improved trade rules while separately working to promote labor and environmental standards; seek opportunities to aggressively expand trade; and halt America's use of ineffective unilateral economic sanctions.

"The United States is party to only two of the more than 130 regional free trade agreements in force globally," said Donohue. "We cannot afford to sit on the sidelines while our competitors are busy cutting deals with one another."

Exports support 12 million U.S. jobs – one-in-five manufacturing jobs – and account for almost one-third of real U.S. economic growth over the past decade. One-in-three acres of U.S. farmland are planted with crops for export.

Future trade expansion opportunities include the upcoming World Trade Organization round in Qatar, the Free Trade Area of the Americas negotiations, the Asia-Pacific Economic Cooperation process, closer ties with the European Union and bilateral accords.

"The Chamber will continue to mobilize its vast federation network to educate lawmakers, challenge the naysayers and tell the good story about trade," said Donohue.

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.

# # #

01-90