Services and the Relevance of Trade Promotion Authority to the U.S. Economy . By Robert Vastine, President of the U.S. Coalition of Service Industries.1 2 3 4 5 6 7 8 9 10 11 12 13 >>
Oct 31, 2001
The U.S. economy needs trade negotiating authority, especially in services. The service sector accounts for almost 80 percent of US GDP, and, not surprisingly, service industries account for 80% of US employment: 83 million jobs. Almost all new jobs are service sector jobs. The House of Representatives’ decision on pending Trade Promotion Authority legislation will determine whether or not the US will have the capacity to lead the world economy toward greater prosperity
Internet-driven technological change offers small and mid-size companies an opportunity to do business abroad on a scale that could not have been imagined a few years ago. Small businesses have more at stake in services negotiations than ever before. And the trade liberalization we seek will be available to all businesses no matter what their size.
International flows of capital and technology – especially information technology – are being deployed across the globe to build highly competitive new business challengers. To sustain our economic growth we need to have new access to markets and that requires the ability to forge new trade agreements.
The events of September 11 make it even more important that the Congress enact TPA and reaffirm the importance of expanded trade as a keystone of our effort to build global prosperity and eradicate terrorism.
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