Obama to lay out new framework on trade

[Judi Lynn]

Obama to lay out new framework on trade
Web posted at: 5/22/2009 8:44:51
Source ::: REUTERS

WASHINGTON: President Barack Obama will lay out a new framework on trade in the near future and consult closely with Congress on when to submit a trade pact with Panama, a US trade official said yesterday.

Everett Eissenstat, the assistant US trade representative for Western Hemisphere affairs, told a Senate panel that Obama believes trade is essential to America’s prosperity and had the potential to “lift up” workers around the globe.

“But for trade to accomplish this, trade agreements need to include strong labor and environmental standards, we need to do a better job enforcing our trade agreements, and we need domestic policies to help Americans succeed in an increasingly dynamic economy,” Eissenstat told the Senate Finance Committee.

“The president looks forward to outlining this framework in the very near future,” he said.

An administration official said Obama would be delivering a speech on trade but did not say when. It will be an extension of the trade policy Obama has already outlined, the official, who spoke on condition of anonymity, said. Obama’s framework would emphasize finding common ground between those who promote free trade without regard for the impact on industries or workers, and those who reject the benefits to the economy that are brought by trade, the official said.

More:
http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=May2009&file=Business_News2009052284451.xml

[Judi Lynn]

1. Caterpillar CEO Owens jumped the gun: U.S. Chamber Applauds U.S.-Panama Trade Deal

May 21, 2009

U.S. Chamber Applauds U.S.-Panama Trade Deal
Caterpillar CEO Testifies that Trade Accord Will Help U.S. Workers Benefit from Canal Expansion

WASHINGTON, D.C.—The U.S. Chamber of Commerce welcomed today’s Senate Finance Committee hearing on the U.S.-Panama Trade Promotion Agreement (TPA), a critical step in efforts to spur economic growth at home and abroad.

“This front-loaded agreement is an economic shot in the arm for both the United States and Panama,” said Caterpillar Chairman and CEO Jim Owens, who testified at the hearing on behalf of the Chamber. “It will build on the foundation of U.S.-Panama cooperation laid a century ago at the building of the canal.

“Past trade agreements have increased Caterpillar exports dramatically, boosting our sales to our Latin American neighbors by two-, three- and four-fold,” said Owens. “We’re confident this accord will do the same.”

The agreement opens Panama’s fast-growing market to U.S. exports, providing U.S. companies with the same access that their Panamanian counterparts already enjoy in the U.S. The agreement will put bilateral trade on a mutually-beneficial, reciprocal footing by eliminating Panama’s tariffs on U.S. products, which often soar into the double digits.

More:
http://www.uschamber.com/press/releases/2009/may/090521_panama.htm

http://www.peoriamagazines.com.nyud.net:8090/files/ibi/articles/lead_images/Owens-Jim-Large.jpg

C.E.O. Caterpillar, Jim Owens