Business Roundtable Urges Immediate Approval of Vietnam PNTR During "Lame Duck" Session

Washington, D.C. - Business Roundtable today called on Congress to act immediately to approve permanent normal trade relations (PNTR) with Vietnam. Vietnam will enter the World Trade Organization in the next several weeks, and an affirmative vote on PNTR is necessary for the U.S. to benefit from the resulting market access opportunities. Business Roundtable represents 160 CEOs of leading American companies with $4.5 trillion in combined annual revenues and more than 10 million employees.

"PNTR for Vietnam is clearly in America's best interest," said Jim Owens, CEO of Caterpillar Inc., and Chairman of Business Roundtable's International Trade and Investment Task Force. "Make no mistake, this is an important vote. If Congress adjourns without approving PNTR it could be months before another vote is scheduled. If that were to occur, it would put U.S. business and agriculture at a distinct disadvantage, as other WTO nations move to establish themselves in Southeast Asia's fastest growing economy."

Vietnam, with a population of over 80 million, is the fastest growing major economy in Southeast Asia with a growth rate of 8.4 percent in 2005. Its gross domestic product (GDP) has increased almost 50 percent over the last five years to $52 billion. Approval of PNTR will also foster stronger U.S. economic relations throughout Southeast Asia, which is a strategically important region.

"In addition to the economic benefits to U.S. manufacturers, farmers and service industries, approval of PNTR will strengthen U.S. political and security ties with Vietnam. With President Bush scheduled to visit Hanoi later this week, an affirmative vote on PNTR is clearly the right thing for Congress to do," Owens concluded.

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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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