Business Roundtable Congratulates Senate Finance Committee on Two Critical Pro-Growth Votes

Approval of Vietnam PNTR and "Mock" Markup of Peru TPA Applauded

Washington, D.C. - Business Roundtable, an association of 160 chief executive officers of leading U.S. companies, called today's dual votes in the Senate Finance Committee a victory for U.S. economic growth. The Committee approved permanent normal trade relations (PNTR) for Vietnam, and completed a "mock" markup of Peru Trade Promotion Agreement (TPA) legislation. Both votes were critical procedural hurdles - with Vietnam PNTR now cleared for consideration by the full Senate. The Roundtable has consistently supported an expansion of international trade and investment opportunities as a way to ensure continued U.S. economic growth.

"The suspension of the Doha Round earlier this week is clear evidence that the United States must continue to pursue an aggressive trade agenda which includes both bilateral and multilateral agreements," said John J. Castellani, President of Business Roundtable. "Quick approval of Vietnam PNTR and the Peru TPA will send a message to the rest of the world that the U.S. will continue to lead efforts to promote the benefits of expanded trade and investment."

"Vietnam PNTR as an important opportunity to improve the United States' position in the fastest growing economy in Southeast Asia. Without PNTR, the U.S. will not benefit from the market-opening opportunities that will be available to other countries when Vietnam enters the WTO in October.

"The U.S.-Peru TPA will level the playing field for U.S. exports to Peru by removing barriers on a significant percentage of U.S. exports," concluded Castellani. "The agreement will build on the highly successful U.S.-Chile Free Trade Agreement, and is a critical step in expanding free trade and encouraging economic growth both in the United States and in South America."

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with over $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 market and represent nearly a third of all corporate income taxes paid to the federal government. Collectively, they returned more than $110 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 $86 billion in annual research and development spending - nearly half of the total private R&D spending in the U.S.

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