And world trade organization by providing a
The WTO is an international institution in which we negotiate agreements to reduce barriers to trade with other members, allowing American businesses, farmers and working people to find new opportunities, create new jobs, and raise family living standards. The WTO is also a forum for countries to enforce trade agreements and continue negotiations toward expanding world trade opportunities. Under WTO rules, foreign nations assure us greater access to their markets, and are constrained from giving their workers and firms unfair advantages through subsidies and protectionist domestic policies.
The trade gains that the United States has won through the WTO Agreements and other trade policies have been a major contributing factor to our thriving economy.
We have a great stake in further expanding opportunities for U. WTO rules lower trade barriers abroad and help us export more of our goods and services to other countries.
On average, every billion dollars of goods and services exports results in thousands of jobs here at home. Between and1. Over the same period, total U. This compares to a 3. Benefitting from new opportunities created and world trade organization by providing a WTO rules, over one-third of U.
The services sector--including retailing, transport, construction, insurance, finance, accounting, advertising, computer services, tourism, engineering, and environmental services--accounts for over 60 percent of the U. It is the fastest growing sector in our economy and provides the greatest number of new jobs.
The creation of higher-paying jobs supported by trade raises living standards for tens of thousands of American households. Trade barriers, by making goods and services more expensive, cost you money at the store.
Inprior to the WTO, private sector studies estimated that trade protection cost U. Our commitment to open markets has led to more affordable prices and a greater variety of the things that we purchase and world trade organization by providing a, in the grocery shopping cart and for household goods, such as clothes, autos, toys, and consumer electronics. The standard of living improves for all Americans, but particularly for low-income families, since lower prices mean that your paycheck goes further in the marketplace.
The WTO Agreements result in lower prices for business and consumer products. The prosperity and economic growth of our nation rests in large part on our ability to sell the goods and services we produce to consumers everywhere. During the postwar and world trade organization by providing a, successive "Rounds" of international trade negotiations created a more open and fair world economy, raising growth and living standards worldwide.
The WTO is an international institution and a forum for negotiating, administering, and enforcing a set of agreements to reduce barriers to trade among the United States and other members.
It has more members, further reduces trade barriers, and expands fair trading rules in more areas. The United States sought and obtained in the WTO a set of agreements by and world trade organization by providing a governments to open their markets and lower barriers to U. The Agreements establish rules for trade in manufactured goods, agricultural products, services, and intellectual property; reduce tariffs; limit the use of trade-distorting subsidies; promote the sustainable use of natural resources; and reduce unfair obstacles to trade embodied in product standards, customs procedures and other measures.
Under these rules, other countries commit not to block U. When governments follow a common rule book it makes trade easier and more efficient, and ensures that our workers and world trade organization by providing a companies, the most productive in the world, can compete with others on a level playing field. The WTO dispute settlement process provides certainty and world trade organization by providing a American businesses and workers that their disputes will be heard by a panel of impartial experts, and that the defending and world trade organization by providing a government will not be able unilaterally to derail the process.
As a result, under the WTO we have better enforcement of U. The WTO dispute settlement process has proven valuable in achieving tangible gains for American companies and workers, across a broad range of sectors, including agriculture, manufacturing, services and intellectual property protection.
It has also served as a deterrent--our trading partners know it is ready and available to us if they do not fulfill their obligations. We have been successful in reaching rapid resolution of our complaints through early settlement, and have also achieved substantial benefits from litigation and resulting panel decisions which enforce our rights.
The United States is working within the WTO to ensure that the dispute settlement mechanism is more effective in securing prompt compliance. More broadly, the WTO also assists in advancing democratic values. Disputes are to be settled peaceably and efficiently under WTO provisions.
Open markets and regulatory due process also increase the freedom of individuals to reap the rewards of their labor, and to maximize the economic benefit of their talents and creativity. Obstacles to trade hinder economic growth and development.
Perhaps the most prominent case in point is the Great Depression of the s, which was severely worsened when countries erected tariff barriers in response to the financial crisis. The painful economic lessons of this era prompted the United States and other countries to reverse the protectionist course and begin dismantling trade barriers in the wake of the Second World War.
The General Agreement on Tariffs and Trade, which entered into force ininitiated several successive rounds of tariff reductions. Now, building upon the tradition of trade liberalization which the United States has pursued over the last 50 years, our government has taken the lead at the WTO to craft agreements which benefit American workers, companies, and consumers, by removing remaining tariff and non-tariff barriers to trade with foreign countries and ensuring market access for U.
We do this because our domestic market alone, although it is large, has only a limited capacity to absorb the products which American firms and workers make. For manufacturing companies to produce efficiently and give additional resources to research and development, or for farmers to market their crops profitably, we must be able to export.
When we are able to sell the goods, services, and agricultural products we produce to foreign consumers, we increase sales and profits for American firms and farms and create jobs for American workers, as more are hired to meet the increased demand.
The WTO helps us take advantage of these opportunities. As we reduce foreign tariffs, eliminate quotas, and require foreign governments to publish regulations and apply them impartially, we allow American workers, businesses and farmers to sell to larger markets.
As a result, since the creation of the WTO at the end ofU. This in turn means that, in part due to the opportunities created by the WTO Agreements, the number of jobs for U.
Furthermore, export-related jobs are concentrated in the high-wage, high-skill fields that help raise living standards for American families. These jobs pay percent more than the average wage. Almost 10 percent of all U. For example, Americans are extremely competitive in exporting wheat, tractors, aircraft, chemicals, medicines, computer software, and artistic creations such as sound recordings, movies and TV and world trade organization by providing a. Moreover, millions of American jobs also depend on our ability to import goods from around the world.
At home, dock-workers unload containers in U. Truck drivers transport imported goods to distribution centers and points of sale. Retailers stock clothes, shoes, and accessories from other countries, in addition to domestic goods, to satisfy customer demand.
Likewise, grocery stores display a broad array of imported and domestic foods on their shelves. American factory workers frequently require imported parts to produce finished products. When countries abroad sell their products to us, the variety and world trade organization by providing a quality of goods available to consumers and businesses increases and the prices of goods decline due to greater competition.
Every day, Americans have the opportunity to buy coffee and tea, fresh fruits and vegetables year round, and consumer products such as toys, kitchen appliances, and other household items produced in other countries. The standard of living improves for all Americans, but particularly for low-income families, since lower and world trade organization by providing a mean that your paycheck goes further at the supermarket or the department store. About two-thirds of these cost-reduction benefits accrue to advanced industrial countries, such as the United States, where consumption is greatest.
Between andnearly one third of U. However, in the global financial crisis and severe recessionary conditions in some of our major trading partners had a temporary negative impact on U. Despite these unfortunate circumstances abroad, the U. It is important to recognize that the WTO has played a significant role in ensuring that countries do not resort to trade restrictive practices during these difficult times.
As our foreign trade partners recover, renewed export growth will create opportunities for businesses to invest more, thus stimulating long-term economic growth and technological innovation at home and abroad.
This is an historic opportunity for the United States to exercise leadership in setting the trade agenda for the next century, much as we did after World War II. Trade ministers from over countries will convene in the city of Seattle, Washington to engage on a broad range of trade topics.
President And world trade organization by providing a has called for and we expect to launch at Seattle a new round of trade negotiations to reduce trade barriers, and expand exports of agriculture, services, and manufactured products. The range of WTO work will expand to address emerging issues in the trade arena. This Round, to begin at the end of the year, will establish a new approach to global trade negotiations, including:.
An "accelerated" negotiating framework designed to deliver new commercial opportunities in agriculture, goods, and services over a three year timetable. Key institutional reforms to broaden participation in the WTO and increase openness and accountability; address important concerns such as capacity-building to help lesser-developed and world trade organization by providing a become integrated in the global economy; and broaden the trade agenda to include labor and environmental matters; and.
An action-oriented agenda leading up to the WTO Ministerial. This will include work on issues vital to our economic future, such as electronic commerce, expanding membership of the WTO, and improvement of the dispute settlement process. The timing of the Ministerial meeting is particularly important, as the multilateral trading system today faces formidable challenges.
First, in light of the situation in Asia and the global economy, we must work to keep foreign markets open and to restore economic growth. Accession to the WTO, in turn, will support the new members in their transition to stable and market-based economies.
Third, President Clinton and world trade organization by providing a called for a WTO trading system that is more open and transparent to citizens, and that supports environmental protection and core labor standards.
Finally, the WTO must address the technological revolution in areas such as electronic commerce, and work to ease the development and commercialization of beneficial scientific advances. The WTO Ministerial Conference provides an unparalleled opportunity for the United States to lay the foundation for these and other critical tasks in the coming and world trade organization by providing a, and to build upon an international framework of trade rules that promotes the prosperity of all Americans.
The decision of the United States to negotiate voluntarily and enter into an agreement that expands trade and creates jobs is an exercise of sovereignty, not a surrender of it. The United States also benefits from WTO dispute settlement by having a set of rules to hold other countries accountable for their trade actions.
At the same time, our government was careful to structure the WTO dispute settlement rules to preserve our rights. The findings of a And world trade organization by providing a dispute settlement panel cannot force us to change our laws. Only the United States determines exactly how it will respond to the recommendations of a WTO panel, if at all. But America retains full sovereignty in its decision and world trade organization by providing a whether or not to implement a panel recommendation.
Each WTO member remains free to set its own appropriate levels of environment, health and safety protections, and the United States is committed to maintaining high levels and world trade organization by providing a such protection.
The WTO Agreements simply provide that the environment, health, and safety standards chosen by governments be fair and transparent, and not be used as disguised barriers to trade. Moreover, it is important to and world trade organization by providing a that trade liberalization can yield direct benefits to the environment, health and safety. For example, by eliminating tariffs and other barriers to trade in environmental goods and services--such as clean coal technology, waste-water treatment and pollution monitoring equipment--we ease the task of providing people with clean air, clean water, and improved public health.
By reducing trade barriers in efficient energy technologies, nations can produce more power with less emission of greenhouse gases. Finally, by disciplining trade-distorting subsidies that can also harm and world trade organization by providing a environment, in areas such as fisheries, we can move toward sustainable management of natural resources. Increased trade increases the total number of better-paying jobs for Americans, and stretches the paychecks of American workers. With any economy that is growing, potential rewards are great, but growth also leads to job dislocations, as firms enter and exit the economy, or expand or contract.
Dislocations occur for a number of reasons, but by far the most important cause is technological change. Economic studies consistently find that trade is a relatively small factor in over-all job losses.
Some studies have shown that more than ninety percent of all job displacements in manufacturing, for example, are due to factors other than trade.
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