[Congressional Record Volume 140, Number 137 (Tuesday, September 27, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 27, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
REPORT OF RELATED DOCUMENTS TO IMPLEMENT AGREEMENTS RESULTING FROM THE 
GENERAL AGREEMENT ON TARIFFS AND TRADE URUGUAY ROUND--MESSAGE FROM THE 
                           PRESIDENT--PM 147

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with an accompanying 
report; which was referred to the Committee on Finance.

To the Congress of the United States:
  I am pleased to transmit legislation and a number of related 
documents to implement agreements resulting from the General Agreement 
on Tariffs and Trade (GATT) Uruguay Round of multilateral trade 
negotiations. The Uruguay Round Agreements are the broadest, most 
comprehensive trade agreements in history. They are vital to our 
national interest and to economic growth, job creation, and an improved 
standard of living for all Americans.
  When fully implemented, the Uruguay Round Agreements will add $100-
$200 billion to the U.S. economy each year and create hundreds of 
thousands of new, well-paying American jobs. They provide for a 
reduction in worldwide tariffs of $744 billion, the largest global tax 
cut in history.
  The United States will be the biggest winner from the Uruguay Round 
Agreements. We are the world's largest trading nation with the world's 
most dynamic economy. In 1993, the United States exported $660 billion 
in goods and services, accounting for more than 10 percent of the U.S. 
GDP.
  These agreements are the result of bipartisan cooperation and reflect 
the consensus supporting market-opening trade policies that the United 
States has enjoyed for decades. The Uruguay Round was launched by 
President Reagan, continued by President Bush, and concluded by this 
Administration. Each Administration consulted with the Congress and 
welcomed congressional participation and guidance throughout the 
negotiations. Similarly, this Administration has worked closely with 
the Congress to ensure that the implementing legislation that I am now 
forwarding enjoys broad bipartisan support.
  The United States has led the world on a path of open markets, freer 
trade, and economic growth. Now we must lead the way in implementing 
these agreements. The leaders of every major industrialized nation have 
pledged to take action so that the Uruguay Round Agreements can be 
implemented by January 1, 1995. Any delay on our part would send a 
negative signal to our trading partners at a time when their economies 
are just beginning to recover.
  Our economic recovery is now fully underway. As the economies in 
Europe and Japan begin again to grow, we must be positioned to reap the 
benefits of their expansion. As a result of the Uruguay Round 
Agreements, our major trading partners in Europe and Asia will cut 
their tariffs to historic lows.
  The Asian Pacific economies are the fastest growing economies in the 
world and are currently the largest market for U.S. exports. United 
States exports to Latin America, the second fastest growing region in 
the world, have grown 60 percent since 1989. The Uruguay Round 
Agreements will ensure that these fast-growing markets will be open to 
international competition and that all of our trading partners will 
play by international trading rules.
  The Uruguay Round Agreements enjoy very broad and deep support in the 
United States. Forty of our Nation's governors, numerous eminent 
economists, and the vast majority of U.S. industrial, agricultural, and 
services firms support the agreements, as do an array of former 
Presidents, Secretaries of State, Secretaries of the Treasury, and U.S. 
Trade Representatives.
  Americans are at their best when they face the challenges of their 
time. Our predecessors did so after World War II when they created a 
new international trading system that guided global growth for 50 
years. Now we must do the same to foster sustained prosperity for the 
decades to come.
  The end of the Cold War and the rise of the global economy have 
created new challenges and new opportunities. Implementation of the 
Uruguay Round Agreements will ensure that we rise to the challenges of 
this new era and lead the world on a path of prosperity.
                                                  William J. Clinton.  
  The White House, September 27, 1994.

                          ____________________