[Weekly Compilation of Presidential Documents Volume 38, Number 32 (Monday, August 12, 2002)]
[Pages 1317-1319]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on Signing the Trade Act of 2002

August 6, 2002

    Well, thank you all very much for that warm welcome. Welcome to the 
people's house as we celebrate a victory for the American economy. Last 
week, the United States Congress passed trade promotion authority and 
renewed and expanded the Andean Trade Preference Act.
    Trade is an important source of good jobs for our workers and a 
source of higher growth for our economy. Trade is an important source of 
earnings for our farmers and for our factories. It creates new 
opportunities for our entrepreneurs. Trade expands choices for America's 
consumers and raises living standards for our families. And now, after 8 
years, America is back in the business of promoting open trade to build 
our prosperity and to spur economic growth.
    I appreciate so very much Vice President Cheney's hard work on this 
issue. I appreciate Colin Powell and Ann Veneman, who ably serve in my 
Cabinet. I want to particularly thank Don Evans, who's not with us, and 
Bob Zoellick, members of my Cabinet who both worked tirelessly to get 
the vote in the House and then in the Senate, and I appreciate Elaine 
Chao as well. These Cabinet Secretaries worked hard for trade. They 
understand the promise of trade, and I appreciate their hard work on 
behalf of American workers and farmers.
    I particularly want to thank the Members of Congress who are here 
with us, starting with the chairman of the Senate Finance Committee, the 
Senator from Montana, Max Baucus. Max did fantastic work to get this 
trade bill through the Senate, and was then able to work with Chairman 
Thomas. [Laughter] Chairman Thomas was heroic in the House. He was 
steadfast in his support for trade, and I appreciate his leadership on 
this issue. And I want to thank both Members of the United States 
Congress, one Democrat, one Republican, who put their country ahead of 
their parties to do what was right for the people of this country. You 
two deserve a lot of congratulations. I want to thank Senator Hatch, who 
was a conferee and a member of the Finance Committee. Thanks for coming, 
Senator. I want to thank my fellow Texan Tom DeLay, the best vote-
counter in the history of the United States Congress. [Laughter] After 
all, he was able to triple--[laughter]--the vote margin on final 
passage. I appreciate so very much Cal Dooley and a guy I call ``Jeff,'' 
William Jefferson, Congressmen from California and Louisiana, and I want 
to thank them for their work as well. They led the Democrats in the 
House of Representatives, many of whom are here today, to do what's 
right for our country. And again, I appreciate your leadership, and I 
appreciate your work, and I appreciate your help.
    I want to thank Embajadora A-Baki from Ecuador. I want to thank you 
for coming. I also want to thank Carlos Alzamora from Peru and all the 
other ambassadors who are here. I want to appreciate you--appreciate 
your hard work on sending the message of trade to Members of our 
Congress. I want to thank you for your diligence, and I want to thank 
your Presidents for their care and

[[Page 1318]]

concern about this incredibly important initiative, not only for 
Americans but for workers all around the world. Thank you all for 
coming.
    With trade promotion authority, the trade agreements I negotiate 
will have an up-or-down vote in Congress, giving other countries the 
confidence to negotiate with us. Five Presidents before me had this 
advantage, but since the authority elapsed in 1994, other nations and 
regions have pursued new trade agreements while America's trade policy 
was stuck in park. With each passing day, America has lost trading 
opportunities and the jobs and earnings that go with them. Starting now, 
America is back at the bargaining table in full force.
    I will use trade promotion authority aggressively to create more 
good jobs for American workers, more exports for American farmers, and 
higher living standards for American families. Free trade has a proven 
track record for spurring growth and advancing opportunity for our 
working families. Exports accounted for roughly one-quarter of all U.S. 
economic growth in the 1990s. Jobs in exporting plants pay wages that 
are up to 18 percent higher than jobs in nonexporting plants. And our 
two major trade agreements, NAFTA and the Uruguay Round, have created 
more choices and lower prices for consumers while raising standards of 
living for the typical American family of four by $2,000 a year.
    America will build on this record of success. A completely free 
global market for agricultural products, for example, would result in 
gains of as much as $13 billion a year for American farmers and 
consumers. Lowering global trade barriers on all products and services 
by even one-third could boost the U.S. economy by $177 billion a year 
and raise living standards for the average family by $2,500 annually. In 
other words, trade is good for the American people, and I'm going to use 
the trade promotion authority to bring these benefits to the American 
people.
    Free trade is also a proven strategy for building global prosperity 
and adding to the momentum of political freedom. Trade is an engine of 
economic growth. It uses the power of markets to meet the needs of the 
poor. In our lifetime, trade has helped lift millions of people and 
whole nations and entire regions out of poverty and put them on the path 
to prosperity. History shows that as nations become more prosperous, 
their citizens will demand and then can--and can afford a cleaner 
environment. And greater freedom for commerce across the borders 
eventually leads to greater freedom for citizens within the borders.
    The members of the diplomatic corps with us today understand the 
importance of free trade to their nations' success. They understand that 
trade is an enemy of poverty and a friend of liberty. I want to thank 
the ambassadors for their role in getting this bill passed, especially 
the Andean ambassadors, who are such strong advocates for the Andean 
Trade Preference Act. By providing trade preference for products from 
four Andean democracies, we will build prosperity, reduce poverty, 
strengthen democracy, and fight illegal drugs with expanding economic 
opportunity.
    Trade promotion authority gives the United States an important tool 
to break down trade barriers with all countries. We'll move quickly to 
build free trade relationships with individual nations, such as Chile 
and Singapore and Morocco. We'll explore free trade relationships with 
others, such as Australia. The United States will negotiate a Free Trade 
Area of the Americas and pursue regional agreements with the nations of 
Central America and the Southern African Customs Union. We'll move 
forward globally, working with all nations to make the negotiations 
begun last year in Doha a success. A little more than a week ago, the 
United States put forward a far-reaching proposal to lower worldwide 
agricultural trade barriers. These innovative set of ideas can lead to 
real progress in this challenging area.
    Trade gives all nations the hope of sharing in the great economic 
and social and political progress of our age. And trade will give 
American workers the hope that comes from better and higher paying jobs. 
America's committed to building a world that trades in freedom and grows 
in prosperity and liberty. Today we have the tools to pursue that 
vision, and I look forward to the work ahead.
    And now it's my honor and pleasure to sign into law the Trade Act of 
2002.

[[Page 1319]]

Note: The President spoke at 12 p.m. in the East Room at the White 
House. In his remarks, he referred to Ambassadors to the United States 
Ivonne A-Baki of Ecuador and Carlos Alzamora Traverso of Peru. H.R. 
3009, approved August 6, was assigned Public Law No. 107-210.