[Weekly Compilation of Presidential Documents Volume 43, Number 42 (Monday, October 22, 2007)]
[Pages 1333-1334]
[Online from the Government Publishing Office, www.gpo.gov]

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The President's Radio Address

October 13, 2007

    Good morning. This is an historic time for our Nation's economy. 
Last week, we learned that September was America's 49th consecutive 
month of job creation--the longest uninterrupted period of job growth on 
record. And on Thursday, we learned that the American economy set a new 
record for exports in a single month. Millions of American jobs depend 
on exports. More exports support better and higher paying jobs, and to 
keep our economy expanding, we need to keep expanding trade.
    This week, I traveled to Miami to discuss the importance of trade 
and to call on Congress to pass new free trade agreements. In January of 
2001, America had trade agreements in force with three countries. Now we 
have agreements in force with 14 countries, including 7 in Latin 
America. And Congress now has an opportunity to increase America's 
access to markets in our hemisphere by passing three more free trade 
agreements in Latin America with Peru, Colombia, and Panama.
    These three agreements will expand America's access to 75 million 
customers. These 75 million customers are the equivalent of the 
populations of California, Colorado, Ohio, Michigan, Tennessee, and 
Massachusetts combined.
    The first of the new Latin American trade agreements that my 
administration negotiated is with Peru. This agreement would level the 
playing field for American businesses and workers and farmers. While 
almost all Peruvian exports to the United States now enter duty-free, 
most American exports to Peru face significant tariffs. The free trade 
agreement would immediately eliminate most of Peru's industrial tariffs, 
as well as many of its barriers to U.S. agriculture exports, and make 
American products more affordable and more competitive in that country.
    The second of the new Latin American trade agreements that my 
administration negotiated is with Colombia. Colombia is now our fifth 
largest trading partner in Latin America and the largest market for U.S. 
agricultural exports in South America. The free trade agreement with 
Colombia would immediately eliminate tariffs on more than 80 percent of 
American industrial and consumer exports. It would provide significant 
new duty-free access for American crops, and for the first time in 
history, U.S. companies would be able to compete on a level playing 
field.

[[Page 1334]]

    The third of the new Latin American trade agreements that my 
administration negotiated is with Panama. This agreement will 
immediately eliminate tariffs on 88 percent of our industrial and 
consumer goods exports to Panama. It will increase access for American 
farmers and ranchers, and it will open opportunities for American 
businesses to participate in the multibillion dollar project to expand 
the Panama Canal.
    As we work to pass these trade agreements with nations in Latin 
America, we'll also work to pass a landmark free trade agreement with an 
ally in the Far East, South Korea. This agreement would open up one of 
the world's most powerful economies to more American goods and services 
exports. This agreement is projected to add more than $10 billion to 
America's economy. And like our agreements in Latin America, this 
agreement would strengthen our relationship with a democratic partner in 
a critical part of the world.
    I know many Americans feel uneasy about new competition and worry 
that trade will cost jobs. So the Federal Government is providing 
substantial funding for trade adjustment assistance that helps Americans 
make the transition from one job to the next. We are working to improve 
Federal job-training programs, and we are providing strong support for 
America's community colleges, where people of any age can go to learn 
new skills for a better, high-paying career.
    Expanding trade will help our economy grow. By passing these trade 
agreements, we will also serve America's security and moral interests. 
We will strengthen our ties with our friends. We will help counter the 
false populism promoted by hostile nations. And we will help young 
democracies show their people that freedom, openness, and the rule of 
law are the surest path to a better life. So I call on Congress to act 
quickly and get these agreements to my desk.
    Thank you for listening.

Note: The address was recorded at 7:50 a.m. on October 12 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on October 13. The 
transcript was made available by the Office of the Press Secretary on 
October 12 but was embargoed for release until the broadcast. The Office 
of the Press Secretary also released a Spanish language transcript of 
this address.