| FOR IMMEDIATE RELEASE |
CONTACT: Tita Freeman
|
| January 31, 2007 |
(202) 496-3269
|
Washington, D.C. - Business Roundtable today endorsed President
Bush's call for renewal of Trade Promotion Authority (TPA)
and applauded a bipartisan group of Congressional leaders
for recognizing the importance of TPA to U.S. leadership in
the world economy.
"We need to ensure that Americans are best positioned to
compete and win in the global economy and that the benefits
from globalization are spread broadly," said Jim Owens, Chairman
and CEO of Caterpillar Inc., and Chairman of Business Roundtable's
International Trade and Investment Task Force. "A bipartisan
compact between the President and the Congress on trade negotiating
authority is critical to maintaining U.S. leadership in the
global economy."
To stay competitive, trade agreements and increased exports
are essential to U.S. businesses, workers and farmers, as
96 percent of the world's consumers live outside the United
States. Indeed, every major economic power in the world (including
the European Union, China, and Japan) are actively negotiating
free trade agreements to open markets and establish rules
that best position them in the global economy. The United
States must keep pace.
Owens cited recent statements by House Ways and Means Chairman
Charles Rangel (D-NY) and Ranking Member Jim McCrery (R-LA),
as well as Senate Finance Chairman Max Baucus (D-MT) and Ranking
Member Charles Grassley (R-IA), who have all signaled a desire
to turn a new page and reestablish the bipartisan consensus
necessary to support U.S. engagement with the world, and ensure
our policies work for U.S. businesses, workers and farmers.
"Business Roundtable is eager to begin a new chapter on trade
by working with the Administration and both parties in Congress
to find a new consensus on trade," Owens continued. "Good
trade agreements and enforcement help drive economic growth
and are an essential part of U.S. leadership in the world.
However, trade alone, cannot do the job."
In addition to moving forward on trade, Business Roundtable
has advocated an ambitious competitiveness agenda - to ensure
scientific and technological leadership, a competitive workforce,
robust adjustment assistance and retraining for workers negatively
affected by globalization, a competitive cost structure, and
other policies that support U.S. innovation and leadership.
# # #
Business Roundtable (www.businessroundtable.org)
is an association of chief executive officers of leading U.S.
companies with $4.5 trillion in annual revenues and more than
10 million employees. Member companies comprise nearly a third
of the total value of the U.S. stock markets and represent
over 40 percent of all corporate income taxes paid. Collectively,
they returned $112 billion in dividends to shareholders and
the economy in 2005.
Roundtable companies give more than $7 billion a year
in combined charitable contributions, representing nearly
60 percent of total corporate giving. They are technology
innovation leaders, with $90 billion in annual research and
development spending - nearly half of the total private R&D
spending in the U.S.
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