For Immediate Release
Office of the Press Secretary
May 17, 2002
World Trade Week, 2002 by the President of the United States of America a Proclamation
Trade plays a vital role in encouraging prosperity and improving
the lives of people around the world. It fosters economic growth,
ingenuity, and innovation. And it builds high-quality jobs and
promotes economic and political stability around the world. During
World Trade Week, we recognize the importance of trade to building a
brighter future for our Nation and for countries throughout the world.
Over the last decade, U.S. exports have accounted for as much as a
quarter of our Nation's economic growth. Most of our exporters are
small- and medium-sized firms that have fewer than 100 employees. An
estimated 12 million U.S. jobs are supported by our export of
manufactured products, agricultural goods, technology, and other goods
and services. These jobs are high-quality, high-paying positions that
provide good wages.
As the world's largest exporter, the United States is a leader in
promoting free trade. Free trade and open markets benefit businesses,
employees, and consumers by creating a competitive environment with
greater choice and lower prices. We must continue to promote an
aggressive trade agenda that opens markets and builds economic
opportunity. In support of this goal, my Administration has worked to
help secure the entry of China and Taiwan into the World Trade
Organization. We also completed trade agreements with Vietnam and
Jordan and launched new global trade negotiations in Doha, Qatar. But
more remains to be done.
At present, there are about 150 free trade agreements in effect
worldwide, nearly 25 percent of which involve countries in the Western
Hemisphere. The United States is a party to only three of these
pacts. To give U.S. exporters much broader access to markets
throughout the hemisphere, our Nation envisions a Free Trade Area of
the Americas (FTAA), an area that would be the world's largest open
market. The FTAA would include more than 800 million consumers in
countries with a combined Gross Domestic Product of around $13
trillion. Our Nation would also benefit from renewal of the Andean
Trade Preference Act, which would continue to help create economic
alternatives to drug production in Andean region countries.
Economists have calculated that lowering trade barriers by just
one-third will strengthen the world's economic welfare by up to $613
billion and that of the United States by $177 billion. For the average
American family of four, that amounts to $2500 of annual savings.
Another critical step for U.S. economic growth is successful
passage of Trade Promotion Authority. Under this legislation, the
Congress grants the President the authority to negotiate trade
agreements. Trade Promotion Authority demon-strates to our
trading partners the alliance that exists between the executive and
legislative branches to help raise living standards through-out the
world. This is vital to securing new free trade agreements with
potential negotiating partners.
Fundamental to free trade is competitive fairness. America's
support of an aggressive, forward-looking trade agenda requires that
government assist industries' interests when they are challenged by
unfair trading practices or subsidies. We must insist that our trading
partners honor their commitments. As we open markets for American
companies competing internationally, we need tools to secure a level
playing field for American businesses. And we will remain committed to
improving both the environment and worldwide labor standards.
In the future, trade will continue to play a crucial role in
creating economic and political stability, building democracies,
reducing poverty, and contributing to an increased standard of living
around the world. Open trade will help ensure a more peaceful and
prosperous tomorrow for all people.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States
of America, by virtue of the authority vested in me by the Constitution
and laws of the United States, do hereby proclaim May 19 through May
25, 2002, as World Trade Week. I encourage all Americans to observe
this week with events, trade shows, and educational programs that
celebrate the benefits of trade to our economy and the global economy.
IN WITNESS WHEREOF, I have hereunto set my hand this seventeenth
day of May, in the year of our Lord two thousand two, and of the
Independence of the United States of America the two hundred and
twenty-sixth.
GEORGE W. BUSH
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