[Weekly Compilation of Presidential Documents Volume 43, Number 45 (Monday, November 12, 2007)]
[Pages 1461-1463]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks at the White House Forum on International Trade and Investment

November 6, 2007

    Thank you all. Please be seated. Thanks for coming. Good morning. 
Thank you for coming by the White House. I'm proud to be with you. I'm 
impressed by the fact that the men and women in this room lead some of 
our finest companies and trade organizations. I appreciate your 
engagement and interest in public policy. I appreciate your creativity 
in making sure our Nation remains the leading economic force in the 
world.
    And I want to share with you some thoughts about an important debate 
that we're engaged in here, and I believe the outcome of this debate 
will determine whether we embrace new opportunities for free and fair 
trade or whether or not we'll become protectionists. My position is 
clear: We will work with Congress to open up new markets for American 
goods and services and farm products to make sure this economy continues 
to grow and our people have a high standard of living.
    I appreciate the members of my Cabinet and team who are here. 
Secretary of the Treasury Hank Paulson has joined us--strong believer in 
free trade and open markets. Mr. Secretary, thank you. Ambassador Sue 
Schwab, who is responsible for opening up markets for U.S. goods and 
services--appreciate you coming, Ambassador. I want to thank Acting 
Secretary of the Agriculture Chuck Conner. If you're an American farmer 
or an American rancher, you ought to be supporting administrations and 
people in Congress who understand that your livelihood depends upon your 
capacity to sell overseas. We want people eating product grown here in 
the United States of America. That's what we want. I want to thank other 
administrative officials, and thank you all.
    As I understand it, you understand how trade benefits this Nation. 
Free and fair trade allows your companies to sell more goods and more 
services. You understand what I understand: Free and fair trade means 
higher paying jobs for American workers. If you're a worker in a company 
that's selling overseas, you're more likely to be paid more than a 
counterpart.
    Free trade helps provide American consumers with better choices at 
better prices. That's what we want for an American consumer. We want 
people to go in the marketplace and have a variety of choices. We want 
people competing for their dollar, and when people compete for the 
dollar, it means somebody is going to get a better price.
    Trade is also one of the driving forces behind the strength of our 
economy. Last week, we learned our economy created 166,000 new jobs in 
October--that's the 50th straight month of job growth. That's the 
longest period of uninterrupted job growth on record. Interestingly 
enough, we also learned that our economy grew at 3.9 percent in the 
third quarter. Much of the growth was the result of record exports. Our 
exports now account for a larger percentage of GDP than at any other 
time in our history. We need to keep the economy growing. We need to 
continue to open up markets.
    When I took office, the United States had free trade agreements in 
force with just 3 countries, and now we have agreements in force with 14 
countries. These agreements are expanding opportunities for businesses 
like yours. Take Caterpillar--since we implemented our free trade 
agreement with Chile in 2004, Cat's exports to that country have more 
than doubled. And that's good if you're a worker at a Caterpillar plant. 
If that plant is selling more product overseas, it means you're more 
likely to get a pay raise and have stability in your job. Consumers 
around the world have a choice. The products they often

[[Page 1462]]

choose say ``Made in the United States of America.''
    Congress needs to open up new markets for trade and investment by 
improving free trade agreements with Peru, Colombia, Panama, and South 
Korea. The first three of these agreements are with vital trade partners 
in our own hemisphere, in our own neighborhood. Together Peru, Colombia, 
and Panama represent 75 million potential customers with a combined GDP 
of $245 billion. Over the last 5 years, American exports to these 
countries have nearly doubled, yet our products still face significant 
tariffs when they enter these markets. By passing free trade agreements, 
we can eliminate many of the tariffs, we can level the playing field for 
our products, we can provide new legal--new opportunities and legal 
protections for our investors, and we can strengthen our friendship with 
fellow democracies.
    Over the last three decades, most of Latin America has embraced 
democracy. That's positive. Now these young democracies are trying to 
build a better life for their citizens. Leaders like President Uribe of 
Colombia have taken brave steps to fight terrorists and drug 
traffickers, to strengthen the rule of law, and to open up their 
economies.
    These friends of America are waiting to see what Congress will do 
with the trade agreements we have concluded with our neighbors in the 
region. People are watching the actions of the U.S. Congress very 
carefully. Champions of false populism in the region are watching 
Congress. They will use any failure to approve these trade agreements as 
evidence that America will never treat democracies in the region as full 
partners.
    The time has come for Congress to act. We've negotiated fair 
agreements, and now it's up to the Congress. It's time for the Congress 
to pass these trade agreements to help build a hemisphere that lives in 
liberty and trades in freedom and grows in prosperity. These trade bills 
are important economic measures, and they are important national 
security measures as well.
    Last week, the House Ways and Means took a positive step by voting 
39 to 0 in favor of our agreement with Peru. Now the full House and 
Senate needs to follow suit. I urge the Members to pass our agreement 
with Peru quickly, by a large bipartisan majority, and then bring our 
agreements with Colombia and Panama up for votes as soon as possible. 
It's not acceptable to pass one trade agreement and let the others 
languish. It's not fair to pick out one country and not support the 
trade agreement with the other two in our hemisphere.
    As we expand trade in Latin America, we also need to pass a free 
trade agreement with a vital democratic ally in the Far East, and that's 
South Korea. South Korea is the seventh largest trading partner. 
Congress needs to approve this historic deal and make it easier for 
American companies to sell and invest in one of the world's most 
important markets. Opening up the markets in South Korea will be good 
for American workers. It will mean somebody is more likely to have a 
higher paying job.
    As we work to complete these new free trade agreements, we will also 
work to liberalize policies around the world. We welcome foreign 
investment in our country, and we want to ensure fair treatment for 
American investments abroad. All we ask is to be treated fairly. So we 
are pursuing investment treaty discussions with key emerging markets to 
protect private property rights, to require transparent and 
nondiscriminatory government regulations, to ensure that disputes are 
settled under the protections of international law.
    The best way to advance new opportunities for trade and investment 
is through the Doha round of trade talks. Doha gives us the opportunity 
to lower trade barriers across the world for America's goods and 
services. It also represents an historic opportunity to help millions of 
people climb out of poverty and despair. My administration will continue 
working to bring the Doha round of trade negotiations to a successful 
conclusion, and I appreciate the hard work of Ambassador Schwab. It's 
not an easy task to convince others to realize the benefits of free and 
fair trade, but we believe it's in the Nation's interests to conclude a 
positive agreement. And we will work tirelessly to do so. All we ask is 
that people treat us fairly.
    In the long run, we know that more trade and investment expands 
opportunity. It raises

[[Page 1463]]

the standard of living, but for the worker who has to change careers, it 
can be a painful experience. We have a responsibility to help workers. 
When a job goes overseas, somebody--some family hurts in America, and I 
understand that. And we can help, and that's why I believe in trade 
adjustment assistance. I think it's in the Nation's interest that we 
help somebody gain the skills to be able to work on an existing job if 
they happen to lose a job because of trade. I'm going to work with the 
Congress to reauthorize and improve this important program. I want the 
program to focus on workers who have lost jobs as a result of trade.
    I also will continue to work to improve Federal job training 
programs. I'm a big believer in community colleges. Community colleges 
are market-driven, economic opportunities. Community colleges enable a 
local community to design a curriculum to meet the needs of local 
businesses. And I know that when somebody gets additional education, 
their productivity goes up. When their productivity goes up, it means 
they're more likely to be able to find a good job at higher pay.
    Some in our country are fearful about our capacities to compete in 
the global economy. I'm not. I believe that so long as the playing field 
is level, we can compete with anybody, anytime, anywhere. But we need to 
do a better job of educating our people about the benefits of free and 
fair trade, and your companies and associations can lead the way. For 
example, at General Electric, employees and plant managers receive 
information packets explaining how pending trade deals with other 
countries will expand business and job opportunities here at home. 
Efforts like this program help build support for free trade policies 
that help us remain prosperous and competitive. And I strongly urge you 
to take up the cause of free trade with your employees.
    I also ask you to take on another important assignment: Help educate 
the Members of the United States Congress. Help them understand that 
free trade is a vital national interest. Help them make the right 
decisions when these votes come up.
    Thanks for letting me come by to say hello and to share with you 
some thoughts about free trade. Thank you.

Note: The President spoke at 9:45 a.m. in Room 350 of the Dwight D. 
Eisenhower Executive Office Building.