[Congressional Record Volume 145, Number 158 (Wednesday, November 10, 1999)]
[Senate]
[Pages S14581-S14582]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      NATIONAL TRADE EDUCATION DAY

 Mr. McCAIN. Mr. President, today has been designated National 
Trade Education Day. We should use this opportunity to demonstrate how 
the United States' belief in free trade and open markets have fostered 
American

[[Page S14582]]

prosperity. This issue is especially timely, because the United States 
will be hosting a Ministerial meeting of the World Trade Organization 
(WTO) in Seattle later on this month. Public support of these WTO 
negotiations is necessary to ensure continued economic growth in the 
21st Century.
  The United States' economy is currently in a period of historic 
economic growth, low inflation, and low unemployment. America's open 
market plays a vital role in this achievement. Growth in the volume of 
American exports in goods and services accounted for more than 40% of 
overall U.S. economic growth in 1997. Today, exports represent 12% of 
the U.S. Gross Domestic Product. Export sales are now responsible for 
over 41% of the production of American semiconductors, 42% of aircraft, 
43% of computers, and 68% of power turbines. Recent stories about the 
trade deficit also show promise. The resurgence of the economies of our 
Asian, Latin American, and European trading partners created an 
increase in American exports of $2.9 billion totaling $82 billion in 
August. The trade deficit dropped $800 million last month to $24.1 
billion.
  The recent economic news gives credence to the saying that ``A rising 
tide lifts all boats.'' American exports help everyone from corporate 
CEOs to the average American worker. In 1997, over 11,500,000 jobs 
depended on American exports. In addition, export-supported jobs pay 
13% more than the average domestic wage. High technology industry jobs 
that are directly supported by exports have averaged hourly earnings 
34% higher than the national average. The continued bipartisan free 
trade policy has benefitted the American people.
  It is important that the United States remain a leader in promoting 
policies of open markets worldwide. While our trade deficit has 
stabilized, we should remove remaining foreign barriers to American 
goods to reduce this deficit. American farmers, manufacturers and 
workers are hurt, when foreign countries use high tariffs, quotas, and 
questionable legal and safety procedures to lock American goods out of 
their markets. The President should make it a top priority to remove 
these barriers, and the Congress must give him the authority to achieve 
this objective.
  The World Trade Organization (WTO) can play an important role in 
pursuing American trade objectives. All members of the WTO have to make 
commitments to reduce barriers to goods and services, and protect 
intellectual property rights. The WTO has an established procedure to 
ensure that countries meet their obligations. The United States should 
ensure that our trading partners meet their commitments. When our 
trading partners do not meet their obligations, such as the European 
Union has done concerning American agricultural goods, then we should 
use the WTO to apply as much pressure as possible to bring these 
countries into compliance. The upcoming Seattle negotiations offer us a 
great opportunity to use the WTO to reduce more foreign barriers to 
American goods, agricultural products, and services. We should also 
ensure the growth of our high technology exports by making permanent 
the international moratorium on customs duties relating to electronic 
commerce.
  It is also important that we realize that international trade meets 
many of our national security interests. As countries trade with the 
United States and each other, they learn the benefits of peace and 
stability to economic growth. These countries see the benefits of 
pursuing policies that support stability, which is a major American 
national security objective.
  Last week, the Senate sent a strong message that the United States is 
committed to the principles of free trade by passing major trade 
legislation. However, the President and Congress must work together to 
pass another major piece of trade legislation to ensure American 
prosperity in the 21st Century. It is imperative that the President 
make a serious effort to work with the Congress to pass ``fast track'' 
legislation. As the next round of the WTO negotiations develop, it is 
important that American negotiators have the leverage to secure our 
trade policy objectives. In addition, ``fast track'' authority lets our 
trading partners know that any agreement they negotiate with the United 
States will not be subject to exemptions and gross re-writings by the 
special interests in Washington. When the negotiations concerning the 
WTO, the Free Trade Area of the Americas, and other ongoing trade talks 
come to fruition, the President will need to have ``fast track'' 
authority to ensure that the agreements are implemented. My hope is 
that we can pass ``fast track'' legislation soon in order to establish 
the framework for another century of American economic growth.
  In conclusion, I hope that we can use National Trade Education Day to 
gain public support for the continued pursuit of policies based on the 
principles of free trade. Bipartisan American trade policies, based on 
the belief in open markets free of regulations and tariffs, have played 
a major role in causing the current American prosperity. The United 
States should continue to pursue free trade policies that will remove 
barriers to American exports. I urge my colleagues to establish the 
foundation for future prosperity by passing ``fast-track'' legislation 
during this Congress.

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