[Congressional Record Volume 140, Number 133 (Wednesday, September 21, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 21, 1994]



               CONFERENCE AGREEMENT ON THE URUGUAY ROUND

  Mr. MOYNIHAN. Mr. President, I rise today to bring good news to the 
Senate on a matter of great importance. Last evening the Committee on 
Finance reached agreement with the House Ways and Means Committee in 
its conference on legislation to implement the Uruguay round of 
Multilateral Trade Negotiations and approve the World Trade 
Organization. This is indeed good news for the Senate, for the 
President, and for the United States. To meet our international 
commitments, the Senate must consider the Uruguay round legislation 
before it adjourns this year. With this agreement, I am confident that 
we will do just that.
  I would note, most importantly, that we have achieved a bipartisan 
agreement, with great assistance from the ranking member of the Finance 
Committee, the senior Senator from Oregon, and with the unanimous 
support of the Senate conferees. Matters relating to international 
trade continue to be handled in the best bipartisan traditions of the 
Finance Committee.
  The Uruguay round is a momentous trade agreement, the largest, most 
comprehensive trade agreement in history--one that was 7 years in the 
making. With this agreement, foreign tariffs on U.S. manufactured 
exports will be cut by one-third, the largest reduction in history. 
Indeed, the Treasury Department estimates that the Uruguay round will 
reduce world tariffs by nearly $750 million over the next 10 years. 
This will prove to be, in practical effect, the world's largest sales 
tax cut--a boon to American exporters and consumers alike.
  We will have new rules to protect the intellectual property of U.S. 
entrepreneurs, one of the greatest strengths of this country. Trade in 
services, which encompasses 60 percent of our economy and 70 percent of 
our jobs, will for the first time be subject to internationally agreed 
rules. The agriculture sector will also be brought under international 
rules, to the great advantage of American exporters. And we also will 
benefit from the strengthening of dispute settlement rules, which more 
often work to our advantage than to our detriment.
  Indeed, this agreement is historic, for with the creation of the 
World Trade Organization the United States finally makes good on the 
vision of our post-war leaders. They sought the establishment of an 
International Trade Organization. It was denied, by the Committee on 
Finance in large part. We now have the opportunity at long last to 
finish the work of the 1944 Bretton Woods accord. And with the World 
Trade Organization we will have the basis for a sounder and more 
prosperous world trading system.
  The legislation to implement the Uruguay round, once submitted by the 
President, is considered under fast track procedures and is thus 
unamenable. But, Mr. President, I can assure the Senate that the 
committee has taken great care in constructing this legislation. The 
committee met six times in public markup sessions from mid-July to the 
beginning of August. In those meetings we formulated our 
recommendations to the President regarding the provisions of the 
legislation. And between this week and last we worked to reach 
agreement with the Ways and Means Committee on those recommendations, 
just as we would with any other legislation.
  The conference reached overwhelming agreement. We began with over 100 
differences between our recommendations. Once we had completed our 
work, only four issues remained in disagreement--and on these, we 
agreed to disagree. None of them is essential to implement the Uruguay 
round. The disposition of them is important to individual Members, of 
course, myself included. But the conference was in complete agreement 
on all changes in law necessary to bring the United States into 
conformity with our commitments in the Uruguay round.
  Mr. President, it is my expectation that President Clinton will 
submit this legislation to the Congress early next week. I would expect 
the House to act expeditiously, and hope the Senate will do likewise. I 
look forward to bringing this legislation to the Members of the Senate.

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