To do that, Congress must decide to compete, not retreat. The United States is, once again, the world's largest exporter. Our current seven-year period of sustained growth, with extraordinarily low unemployment, has been fueled in large part by international trade. More than a quarter of our economic growth and more than 10 million jobs are the direct result of trade. Without passage of fast-track legislation, however, our success in selling American products to the world will be at risk.
Inaction carries a very high price.
Fast-track authority will allow President Clinton to negotiate agreements to break down trade barriers in areas where the United States is most competitive, like agriculture, telecommunications, financial services and medical equipment. It will allow us to retain our leadership in exports by focusing on developing economies, where the bulk of international growth will occur in coming years. The coalition that passed the North American Free Trade Agreement and the General Agreement on Tariffs and Trade must come together again to pass a fast-track bill this fall. If we don't act quickly to shore up trade relationships in Latin America and Asia, other countries will. Passage of fast-track legislation is critical to insure that our economy continues to grow at its present rate.