[Congressional Record Volume 148, Number 103 (Thursday, July 25, 2002)]
[Senate]
[Page S7374]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. LUGAR (for himself, Mr. Breaux, Mr. Chafee, Mr. Grassley, 
        Mr. Nickles, Mr. Graham, Mr. Hagel, Mr. Specter, Mr. Hatch, and 
        Mr. Cochran):
  S. 2796. A bill to authorize the negotiation of a free trade 
agreement with Uruguay; to the Committee on Finance.
  Mr. LUGAR. Madam President, I rise today to introduce legislation 
authorizing President Bush and his Administration to negotiate a free 
trade agreement with Uruguay. I am pleased to be joined by the 
following co-sponsors: Senators Breaux, Chafee, Grassley, Nickles, 
Graham, Hagel, Specter, Hatch, and Cochran.
  President Bush has instructed U.S. Trade Representative, Robert 
Zoellick, to pursue a Free Trade Area of the Americas. I support this 
effort and this bill is not intended to compete with or replace that 
important undertaking. Instead, this legislation seeks to highlight the 
important relationship the U.S. enjoys with Uruguay and promote the 
need for extending free-trade to South America.
  Uruguayan economic reforms focused on the attraction of foreign trade 
and capital have proven successful. The economy of Uruguay grew 
steadily until low commodity prices and economic difficulties in export 
markets caused a recession in 1999. President Jorge Batlle has stated 
his intention to continue the promotion of economic growth, 
international trade, lower tariffs, and attracting foreign investment. 
More than one hundred U.S.-owned companies operate in Uruguay, and many 
more market U.S. goods and services.
  Uruguay is a member of the World Trade Organization and a dynamic 
member of the Southern Cone Common Market, MERCOSUR, with Argentina, 
Brazil, and Paraguay. Furthermore, it is an active participant and 
proponent of the Free Trade Area of the Americas process and is 
coordinator of the e-commerce group and sub-coordinator of the 
agricultural subsidies group.
  If the United States hopes to sustain its economic strength in the 
21st Century, we must participate in an expanding global economy. We 
must aggressively pursue opportunities in new and emerging markets. We 
must maintain our technological and competitive advantage and sell our 
products, services and agricultural commodities in these areas. 
American agriculture, telecommunications, computer services, and other 
sectors will benefit from the opportunity to compete in Uruguay under a 
free trade agreement.
  As South America continues to recover from the Argentinian economic 
crisis we must look for opportunities to engage the region in free 
trade. A free trade agreement with Uruguay would provide American 
business with unfettered access to another lucrative market and 
Uruguayan business will have better access to American markets to 
successfully weather the region's economic fallout. A U.S.-Uruguayan 
free trade agreement is a win-win for the United States and Uruguay.
  I am hopeful the Senate will approve this important legislation in 
the near future.
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