BUSH PROMOTES FREER INTERNATIONAL COMMERCE
October 6, 2004
U.S. trade representative Robert Zoellick says President Bush has shown a strong commitment to freer international trade, a stance that will improve America's standard of living and enlarge its influence worldwide.
Since taking office, Bush has completed free trade agreements (FTA) with 12 countries and is negotiating with 10 others. Most recently, Bush is close to producing World Trade Organization (WTO) agreements in agriculture, goods and services.
Thus far, the results have reinforced the value of free trade, says Zoellick:
- It is estimated that America's new FTA with Australia will boost U.S. manufacturing exports by $2 billion every year.
- Foreign companies have created 6.4 million jobs in the United States by locating plants in the United States due to the favorable investment climate and labor productivity.
- U.S. companies with operations overseas now account for 58 percent of U.S. exports, while America's services industries earn a more than $50 billion surplus by operating around the world.
While President Bush has led the expansion of free trade, Zoellick says Sen. John Kerry (D-Mass.) has done just the opposite: calling for the United States to renege on its past trade commitments, litigate against the WTO, penalize U.S. firms that do business abroad and end free and enforceable trade with poor Central American countries.
Source: Robert B. Zoellick, "Remember Seattle: Mix Signals Are Bad for Trade," Wall Street Journal, October 5, 2004.
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