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One of the important issues currently facing Congress is development of a global trade policy that will open worldwide markets to American companies and products. The importance of establishing such a policy is critical in today's global economy. Over 12 million U.S. jobs are supported by exports. Jobs in exporting companies typically pay 12-15 percent more than other jobs. One in three acres of U.S. farmland is planted for export. During the 1990s, exports accounted for 30 percent of U.S. economic growth and of the 130 free trade agreements in the world today, the United States is a party to only three. It is the last fact that causes me the most concern. American goods fight trade barriers throughout the world. United States agricultural products, in particular, face unwarranted barriers. U.S. products in Asia and South America face tariffs of up to 30 percent. The time for the United States to once again become a leader in international trade has arrived. Congress started the process by passing the Trade Promotion Authority requested by President Bush in July 2002. This legislation, which is similar to legislation in place between 1974 and 1994, grants the President the authority to negotiate trade agreements on behalf of the United States. It requires regular consultations with Congress during negotiations, gives Congress the right to accept or reject any trade agreement and establishes trading objectives for negotiators. Included in those objectives are: - obtaining more open, fair and equitable markets;
- reducing or eliminating trade barriers;
- strengthening international dispute settlement procedures;
- fostering economic growth, raising living standards and promoting full employment in the United States;
- enhancing the global economy;
- seeking commitments from trade partners to not weaken or reduce domestic environmental or labor laws to gain trade advantages;
- ensuring that trade agreements do not discriminate against small businesses and provide equal access to international markets, equitable trade benefits and expanded export opportunities.
Passage of Trade Promotion Authority will open markets worldwide and improve local economies throughout the nation, including in Wyoming. According to the U.S. Department of Commerce, exports currently have the following impact in Wyoming: - Wyoming businesses sold more than $141.8 million worth of exports to nearly 100 foreign markets last year.
- More than 65 percent of Wyoming's 636 companies that export are small- and medium-sized businesses.
- An estimated 1,500 jobs in Wyoming depend on manufactured exports.
- The number of Wyoming companies exporting increased 68 percent from 1992 to 1998.
- Wyoming's overseas agriculture product sales were estimated at $37.5 million in 2000 including:
- $15.7 million in live animals and red meats
- $8.9 million in wheat and products
- $8 million in feed grains and products
- $3.2 million in animal feeds and fodder
Opening markets and reducing trade barriers can only be accomplished if we enter the game. It is important that the United States once again assume a leadership role in the area of trade. The opportunities to be gained are too substantial to let pass by.
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