Business Roundtable Lauds Senate Confirmation of Schwab as USTR

Washington, DC - Business Roundtable enthusiastically endorsed today's Senate confirmation of Ambassador Susan Schwab as United States Trade Representative (USTR). Business Roundtable, an association of 160 chief executive officers of leading U.S. companies, understands that an ambitious U.S. international trade agenda is critical to U.S. economic growth, and believes the experience and continuity offered by Ambassador Schwab will be of great benefit during current and future trade negotiations.

"Today's Senate confirmation clears the path for continued strong leadership at USTR," said John J. Castellani, President, Business Roundtable. "I want to congratulate Ambassador Schwab and to applaud the White House for selecting a fine nominee."

Among the many trade and investment issues of concern to Business Roundtable, Castellani pointed to the immediate need for progress in the ongoing Doha Round negotiations as well as pursuing an ambitious free trade agreement (FTA) agenda.

"The challenge to advance the Doha Round negotiations is significant, and will take the cooperation of all WTO nations. In the meantime, USTR must conclude current FTA negotiations and expand its FTA agenda. We believe Ambassador Schwab's experience and stature make her the right person to represent American interests in both of these vital areas," he continued.

"Business Roundtable also wants to express our deep gratitude to outgoing USTR Rob Portman and to reiterate our strong support for Ambassador Schwab as we move forward to advance U.S. trade policy and ensure future U.S. economic growth," Castellani concluded.

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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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