| February 1, 2007 | For Immediate Release |
Contact: Kendra Borja (703) 741-5835 |
ARLINGTON, VA (February 01, 2007) – The American Chemistry Council (ACC) welcomes President Bush’s request to extend Presidential Trade Promotion Authority (TPA) and calls on Congress to move expeditiously on legislation before TPA expires in July.
“The Trade Promotion Authority is essential for the continued participation of the United States in trade negotiations around the world,” said ACC President and CEO Jack N. Gerard. “We cannot expect to see market opening trade deals that support U.S. exporters without the extension of TPA.
TPA is especially important to allow the U.S. to conclude the World Trade Organization’s Doha Round of multilateral trade negotiations, which has the potential to liberalize trade across all markets and all sectors of the global economy. ACC is working towards a sectoral agreement in the Doha Round to eliminate chemical tariffs among major chemical producing nations.
One-quarter of the chemical industry’s 870,000 jobs depend on international trade. Chemical-product export growth spurs additional investment in manufacturing and related exports, creating a ripple effect of job creation and protection, investment and economic growth. Access to new foreign markets is increasingly essential for the continued expansion and competitiveness of American chemistry.
The business of chemistry is a $558-billion-a-year enterprise in the U.S. and is the nation’s largest exporter, accounting for accounting for ten cents out of every dollar in U.S. exports. Chemical-product exports totaled $119.5 billion in 2005. Extension of Trade Promotion Authority not only signals markets around that world of America’s intent to stay economically engaged but also that America expects fair trade to be the basis of the international system.
# # #
www.americanchemistry.com/newsroom
The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry. ACC members apply the science of chemistry to make innovative products and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health and safety performance through Responsible Care®, common sense advocacy designed to address major public policy issues, and health and environmental research and product testing. The business of chemistry is a $558 billion enterprise and a key element of the nation's economy. It is one of the nation’s largest exporters, accounting for ten cents out of every dollar in U.S. exports. Chemistry companies are among the largest investors in research and development. Safety and security have always been primary concerns of ACC members, and they have intensified their efforts, working closely with government agencies to improve security and to defend against any threat to the nation’s critical infrastructure.