And certainly, the U.S. will need fast-track authority to successfully complete the negotiations for this historic trade pact. I clearly want to state that free trade in the Americas is about far more than trade, or even economics. More open trade will increase growth and jobs in the economies of all participating countries. But history has repeatedly proved that open trade is a win-win game, with all partners benefiting from the increased efficiency that trade provides in terms of jobs, rising standards of living, and low inflation. The prevailing economic climate in the U.S. of growth and price stability is to a significant degree a function of the benefits we are deriving from more open global trade.
More open trade means new opportunities.
As we tear down the barriers among our economies, the new winds of competition will sweep out the old patterns of privilege and monopoly. Competition rewards efficiency, innovation, and enterprise. Increased growth and new opportunities give validity to the reforms being implemented in the region to strengthen democracy and implement market-based policies. Economic vitality is indispensable to protecting the environment for future generations and waging an effective fight against illegal migration, the drug trade, and other forms of transnational crime. The growth and new opportunities provided by open markets put a strong weapon in the hands of those Latin American leaders who want to work cooperatively with us in addressing these problems.