[Weekly Compilation of Presidential Documents Volume 44, Number 41 (Monday, October 20, 2008)]
[Pages 1350-1351]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 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.
    * White House correction.
    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

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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.
    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 at 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.