Chamber Urges Congress to Pass Chile and Singapore

WASHINGTON, D.C. – The United States Chamber of Commerce today urged Congress to pass the U.S.-Chile and U.S. Singapore Free Trade Agreements, in testimony before the House Ways and Means Committee.

"If we're serious about boosting economic growth, we need to create new opportunities for American business, and that's exactly what these agreements are about," said E. Leon Trammell, U.S. Chamber board member and CEO of Tramco, a Kansas-based manufacturing company. "These agreements will slash trade barriers, protect investors, and ensure the competitiveness of American companies in the global marketplace."

Trade in goods and services between the U.S. and Chile surpassed $8 billion in 2002. Chile is currently the 6th largest market for U.S. exports to Latin America, while the U.S. is the largest export market for Chilean products. Trade between the U.S. and Singapore totaled $33 billion last year, making Singapore the 11th largest U.S. trading partner worldwide.

"The trade agreements with Chile and Singapore are a promising prospect for our global economy," Trammell added. "Congressional action will help American companies take full advantage of new business opportunities that are already being utilized by our foreign competitors."

Mutually beneficial free trade agreements will advance U.S. interests in numerous ways, including improved market access for agricultural and manufactured goods and services, strengthened intellectual property and investor protections and nondiscriminatory government procurement, according to the Chamber.

Chamber policy experts have met with 120 lawmakers and more than 300 congressional aides in recent months and the Chamber leads several coalitions that are building support for congressional approval of both agreements this year.

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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