[Congressional Record Volume 148, Number 56 (Tuesday, May 7, 2002)]
[Senate]
[Page S3948]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       TRADE PROMOTION AUTHORITY

  Mr. KYL. Madam President, since trade-promotion authority lapsed in 
1994, America has stood on the sidelines while other countries have 
brokered trade agreements that benefit their workers, their businesses, 
and their economies. Soon after taking office, President Bush called on 
Congress to grant him trade-promotion authority to reassert America's 
leadership in promoting U.S. goods and the expertise of our workforce 
to more markets. The House has acted, the Senate Finance Committee has 
acted, and it is now time for the full Senate to deliver.
  Exports accounted for more than one-fourth of U.S. economic growth in 
the 1990s. Jobs depending on exports pay wages that are an estimated 13 
to 18 percent higher than the national average. One in ten American 
workers, 12 million people, work at jobs that depend on exports of 
goods and services. Trade is good for American farmers and ranchers. 
Trade is good for American small businesses. At the most basic level, 
trade is essential to our country's economic growth and prosperity. 
Yet, every day that America delays, other countries throughout the 
world are entering into trade agreements without us, benefitting their 
workers, their farmers, their businesses and their economies at the 
expense of ours.
  Our competitors in Europe, Asia, and Latin America have sealed deals 
on approximately 130 preferential trade compacts, many within our own 
hemisphere. Yet the United States is party to only three, with Canada 
and Mexico, Israel and Jordan. Without trade-promotion authority, the 
United States, would not be able to build on the many robust economic 
relationships we share with other countries throughout the world.
  One such country is Australia. There are few larger, stronger, or 
more open economies with which the United States can negotiate a 
bilateral free trade agreement than Australia. Annual two-way trade 
between the United States and Australia is valued at $28 billion, 
supporting thousands of jobs in each country. The United States is 
Australia's largest source of imports and Australia's second largest 
export market. Everyone can agree that an Australia-United States Free 
Trade Agreement would only enhance this fruitful relationship.
  Aside from being one of our closest friends and allies, Australia is 
a strategic trading partner in the Asia-Pacific Region. Clearly, we 
have a mutual stake in expanding our market presence in this region, 
and a U.S.-Australia Free Trade Agreement would set a benchmark for 
other trade agreements in the future. It would not only send a message 
that we are serious about the principle of open markets, but it would 
show what trade-promotion authority can deliver. This is just one 
example of why we need trade-promotion authority, but it is reason 
enough, and it speaks to why we must act now. I urge my colleagues to 
join me in support of trade-promotion authority.

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