| FOR IMMEDIATE RELEASE |
CONTACT: Jeff Surrell |
| May 10, 2007 |
(202) 326-1748 |
Washington, D.C. – Business Roundtable, an association
of chief executive officers of leading U.S. companies, applauded
the agreement announced today between Congress and the White
House that will revitalize and reestablish bipartisan cooperation
on trade policy initiatives.
"Bipartisan cooperation on trade is critical
to developing the policies that will help Americans compete
and win in the global economy," said Jim Owens, Chairman and
CEO of Caterpillar Inc., and a co-chairman of the Business
Roundtable's International Trade and Investment Task Force.
Owens praised all parties involved in the effort
to change the tone on trade policy in Washington. "The new
consensus between the Administration, Congress and the private
sector will translate into trade policies that are good for
business, consumers, workers and farmers," he said. He specifically
cited the work of House Ways and Means Chairman Charles B.
Rangel (D-NY), Ranking Member Jim McCrery (R-LA), Senate Finance
Chairman Max Baucus (D-MT), Ranking Republican Charles E.
Grassley (R-IA), Treasury Secretary Henry M. Paulson, and
U.S. Trade Representative Susan Schwab in building new bridges
in trade policy to keep the nation competitive in the growing
global economy.
"Bipartisan trade policy paves the way for
greater collaboration on pressing issues including bilateral
free trade agreements with Peru, Panama, Colombia and Korea,
renewal of trade promotion authority and the completion of
the Doha Round," said Harold McGraw III, Chairman, President
and CEO, The McGraw-Hill Companies and Chairman of Business
Roundtable.
"The evidence is clear that expansion of trade
promotes economic growth and adds jobs for people across the
nation," said McGraw. "The bipartisan agreement will allow
policymakers and the private sector to continue to make progress
on current and future initiatives that help the U.S. and its
workers compete. It is important that this process moves forward
with opening markets and also provides the strongest protections
for intellectual property."
"Every major U.S. competitor is moving forward
with trade deals," Owens said. "The bipartisan consensus from
Washington sends a signal to the world that the U.S. is not
standing still on trade."
Recent studies confirm that trade brings many
benefits to the United States. Nearly one in five Americans
jobs is linked to U.S. exports and imports of goods and services.
This means that more than 31 million Americans depend on trade
for their jobs, and more than a quarter of our gross domestic
product is directly linked to trade.
There are challenges, however, that need to
be confronted. Owens said that trade policy is but one part
of a larger national policy to keep the country competitive
in the global marketplace. "We also need to address the dislocations
that are caused by technological changes, globalization and
other factors, through attention to adjustment assistance
and retraining programs," he continued. He cited the need
for U.S. leadership in research and development, a well-educated
workforce and a comprehensive energy policy as additional
key components. Reporters call Jeff Surrell at 202.326.1748
for additional information.
# # #
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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