Donohue: Hong Kong WTO Ministerial Too Important to Fail

WASHINGTON, D.C.— U.S. Chamber President and CEO Thomas J. Donohue today stressed that successful completion of the Doha Round of world trade negotiations is critical to U.S. economic growth and competitiveness and to helping lift millions of people out of poverty in developing nations. Donohue's remarks came at a press briefing on the eve of his trip to participate in the meeting in Hong Kong.

"We are carrying a very simple message to Hong Kong: these negotiations are too important to fail," said Donohue. "American businesses and farmers need to have better access to global markets if we are going to be able to compete effectively—and the way we are going to tap those global markets is through the Doha Round."

The Doha Round has the potential to produce the greatest increases in income and savings for producers and consumers alike, to drive innovation and advances in productivity, and to reach all corners of the globe, creating new markets for U.S. products and services.

According to University of Michigan estimates, a one-third cut to global trade barriers could raise the income of the average American family by $2,500 a year. The Center for Global Development estimates that a successful conclusion to the Doha negotiations could lift more than 500 million people worldwide out of poverty.

The Doha Round covers more economic activity than any previous round since World War II. The agenda includes reform of agriculture policies and more comprehensive liberalization in trade in services, in addition to reducing barriers to trade in industrial and consumer products.

"The Chamber and the American business community know that we have an important responsibility here," said Donohue. "In the end, it's business that engages in international trade—not government. We are the ones who will be able to raise incomes, create new jobs, and lift people out of poverty with a successful deal."

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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See the Chamber's priorities and resources for the Hong Kong WTO Ministerial