    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [October 16, 2008]
    [Pages 1313-1315]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on Signing the Andean Trade Preference Act Extension
    October 16, 2008

        Thank you. Please be seated. Thank you all for coming. I am pleased
    that legislation extending the Andean Trade Preference Act has made it
    to my desk, and I'm looking forward to signing this piece of
    legislation.
        With this bill, our Nation is showing our commitment to economic
    growth in our hemisphere and to a global system based upon free and open
    trade. And I want to thank the United States Congress for passing this
    bill with strong bipartisan support.
        Appreciate members of my administration who worked hard on the bill:
    Condi Rice, Carlos Gutierrez, and Sue Schwab. I want
    to thank members of the diplomatic corps who have joined us. I welcome
    Luis Moreno, the President of the Inter-
    American Development Bank. I want to thank

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    the members of the congressional staff who are here.
        Across the world, citizens are concerned about the financial crisis,
    and they should be. And our Governments are working together to address
    it. This past weekend, I met with the finance ministers from the G-7 and
    G-20, organizations representing some of the fastest and largest growing
    economies in the world. Yesterday I joined
    other G-8
    leaders in
    a statement that
    reaffirms our commitment to resolve the crisis. In other words, we're
    working together. We want to make sure we're coordinated in our
    response. All our nations are carrying out a comprehensive plan of
    action to help unfreeze credit markets and restore confidence in our
    financial systems.
        These are urgent short-term steps. In the long run, one of the best
    ways to restore confidence in the global economy is by keeping markets
    open to trade and investment. Last year, America set a record by
    exporting more than $1.6 trillion of goods and services. Exports now
    make up a greater share of our gross domestic product than at any time
    in our history. People are finding good-paying jobs when they work for
    businesses that export.
        Opening markets benefits our trading partners. For example, this
    deal, this law I'm signing, will help hard-working people in countries
    affected. It will help people have a better way of life. We want there
    to be a prosperous neighborhood. It's in the interest of the United
    States that prosperity spreads throughout our neighborhood.
        So Congress was right to pass this bill, ensuring duty-free access
    to the U.S. market for trading partners in South America, including our
    friends Colombia and Peru. The Andea [Andean]* Trade Preference Act
    allows us to suspend trade preferences with countries that do not live
    up to their promises. And unfortunately, Bolivia has failed to cooperate
    with the United States on important efforts to fight drug trafficking.
    So, sadly, I have proposed to suspend Bolivia's trade preferences until
    it fulfills its obligations.
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        *White House correction.
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        Now that Members of Congress have ensured duty-free access for
    American--South American products entering our markets, they also need
    to ensure duty-free access for U.S. products entering South American
    markets. Congress has a good opportunity to take a step in that
    direction by approving our free trade agreement with Colombia. More than
    90 percent of Colombia's exports currently enter the U.S. duty free. Yet
    American's goods sold in Colombia continue to face high tariffs. The
    Colombia free trade agreement would eliminate these trade barriers. It
    will level the playing field for America's businesses and farmers and
    ranchers and workers.
        Seems to me, it'd make a lot of sense to simply--asking the Congress
    to sign a trade deal that allows us to be treated just like we've
    treated other people. Unfortunately, nearly 2 years have passed since
    the United States and Colombia signed our free trade agreement. During
    that time, an estimated $1.3 billion of tariffs have been levied on
    American products exported to Colombia. These tariffs reduce the
    competitiveness of thousands of American companies that do business in
    that nation. By approving our free trade agreement, Colombia--Congress
    can directly benefit American workers and ranchers and farmers and give
    them greater confidence about our economic future.
        Congress is coming back to Washington next month. One of their top
    priorities should be to approve this vital agreement with Colombia, as
    well as with Panama and South Korea. These free trade agreements will
    strengthen our relationships with key allies. They will create new
    opportunities for our consumers and businesses. They will reassure our
    trading partners that America will not give in to pessimism or
    protectionism. They will show that we honor our commitments.

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        And now it's my honor to sign the Andean Trade Preference Act.

    Note: The President spoke at 1:11 p.m. in Room 350 of the Dwight D.
    Eisenhower Executive Office Building. The Office of the Press Secretary
    also released a Spanish language transcript of these remarks. H.R. 7222,
    approved October 16, was assigned Public Law No. 110-436.