FOR IMMEDIATE RELEASE
February 12, 2007 |
CONTACT: Jennifer Handt
(202) 496-3288 |
"Trade for America" to Push for Bipartisan Congressional
Support
Washington, D.C. - Business Roundtable announced today that
it will lead a major effort to support renewal of Trade Promotion
Authority (TPA) through the launch of Trade for America, a
broad coalition of business, agriculture and trade associations
representing virtually every sector of the U.S. economy. Business
Roundtable, representing 160 CEOs of leading American companies
with $4.5 trillion in combined annual revenues and more than
10 million employees, has endorsed renewal of TPA as a key
tool necessary to keep America competitive in the global economy.
"Future U.S. economic growth is dependent on our ability
to open new markets for U.S. products and services," said
Jim Owens, Chairman & CEO of Caterpillar Inc., and Chairman
of Business Roundtable's Trade and Investment Task Force.
"The rest of the world is moving ahead with new trade agreements.
Without Trade Promotion Authority, America's major competitors
will gain an advantage in many key markets, and the U.S. will
fall behind. We cannot afford to let that happen."
Owens noted that TPA will continue to be an essential tool
for the completion of the Doha Development Agenda negotiations
and completion of ongoing negotiations with Korea and Malaysia,
among others. Without renewal, it is doubtful that negotiations
on new agreements would even begin.
"If U.S. manufacturers, farmers and workers are to benefit
from a growing share of the global market, we must pursue
an active trade agenda," Owens continued. "We look forward
to working with the Administration and a bipartisan Congress
to keep America competitive."
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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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