[Congressional Record Volume 143, Number 98 (Friday, July 11, 1997)]
[Senate]
[Pages S7297-S7298]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 REPORT OF THE STUDY ON THE OPERATION AND EFFECT OF THE NORTH AMERICAN 
        FREE TRADE AGREEMENT--MESSAGE FROM THE PRESIDENT--PM 50

  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 the Study on the Operation and Effect of the 
North American Free Trade Agreement (NAFTA), as required by section 512 
of the NAFTA Implementation Act (Public Law 103-182; 107 Stat. 2155; 19 
U.S.C. 3462). The Congress and the Administration are right to be proud 
of this historic agreement. This report provides solid evidence that 
NAFTA has already proved its worth to the United States during the 3 
years it has been in effect. We can look forward to realizing NAFTA's 
full benefits in the years ahead.
  NAFTA has also contributed to the prosperity and stability of our 
closest neighbors and two of our most important trading partners. NAFTA 
aided Mexico's rapid recovery from a severe economic recession, even as 
that country carried forward a democratic transformation of historic 
proportions.
  NAFTA is an integral part of a broader growth strategy that has 
produced the strongest U.S. economy in a generation. This strategy 
rests on three mutually supportive pillars: deficit reduction, 
investing in our people through education and training, and opening 
foreign markets to allow America to compete in the global economy. The 
success of that strategy can be seen in the strength of the American 
economy, which continues to experience strong investment, low 
unemployment, healthy job creation, and subdued inflation.
  Export growth has been central to America's economic expansion. 
NAFTA, together with the Uruguay Round Agreement, the Information 
Technology Agreement, the WTO Telecommunications Agreement, 22 sectoral 
trade agreements with Japan, and over 170 other trade agreements, has 
contributed to overall U.S. real export growth of 37 percent since 
1993. Exports have contributed nearly one-third of our economic 
growth--and have grown three times faster than overall income.

[[Page S7298]]

  Workers, business executives, small business owners, and farmers 
across America have contributed to the resurgence in American 
competitiveness. The ability and determination of working people across 
America to rise to the challenges of rapidly changing technologies and 
global economic competition is a great source of strength for this 
Nation.
  Cooperation between the Administration and the Congress on a 
bipartisan basis has been critical in our efforts to reduce the 
deficit, to conclude trade agreements that level the global playing 
field for America, to secure peace and prosperity along America's 
borders, and to help prepare all Americans to benefit from expanded 
economic opportunities. I hope we can continue working together to 
advance these vital goals in the years to come.
                                                  William J. Clinton.  
  The White House, July 11, 1997.

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