U.S. Chamber Supports Call for Trade Promotion Authority Renewal

WASHINGTON, DC-The U.S. Chamber of Commerce welcomed comments by President Bush and congressional leaders today on the possible extension of Trade Promotion Authority (TPA) to allow the U.S. to negotiate more market-opening trade agreements with other countries.

"The overwhelming majority of Americans derive great benefits from international trade, and those few who are hurt should be helped," said U.S. Chamber President Tom Donohue. "TPA is critical to keeping the benefits of trade flowing, and the business community stands ready to work with the administration and Congress to renew this authority."

U.S. total trade is now equivalent to 27% of gross domestic product, and exports directly support 12 million well-paying jobs and indirectly support millions of additional jobs. Ninety-seven percent of America's exporters are small businesses.

According to Donohue, the global trade talks known as the Doha Development Agenda will falter without TPA extension. Since 1945, similar agreements have brought global tariffs down sharply, ushering in a 14-fold rise in international trade and raising incomes worldwide.

Similarly, America's free trade agreements are bringing real benefits to American workers, farmers, and companies. Nearly half of American exports go to markets where they enter duty free thanks to these trade agreements.

Today, exports to new FTA partners are growing twice as fast as exports to the rest of the world. Bilateral trade with Chile, for instance, doubled in the two years after Congress approved a free trade agreement reached using TPA.

The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

www.uschamber.com

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07-23