Company Press Release
WASHINGTON, March 8 /PRNewswire/ -- A national coalition of Americans from all sectors of the business community today hailed President Clinton's decision to send legislation to Congress establishing Permanent Normal Trade Relations (PNTR) with China. Leaders of key companies and trade groups comprising The Business Coalition for U.S.-China Trade predicted congressional passage of PNTR at an early date.
"This legislation will prevail because Congress will realize that engagement is a far superior policy to isolation. Bringing China into a rules-based system of trade is a win-win scenario. It will lower barriers to American exports, and it will encourage the remarkable process of economic and social reform that is taking place in China," said George M. Fisher, Chairman of Eastman Kodak Company.
"President Clinton's speech today will build upon the positive, bipartisan momentum that this effort is gaining," said Philip M. Condit, Chairman and Chief Executive Officer of The Boeing Company. Condit noted that last week Rep. Greg Ganske (R-IA), who has opposed annual renewal of China's normal trade status in the past, announced his support for PNTR because of the tremendous opportunities this will create for America's workers, farmers and businesses. "Congress cannot walk away from this opportunity, because it would slam the door on huge U.S. export opportunities and abandon China to foreign competitors," added Condit.
Michael R. Bonsignore, Chief Executive Officer of Honeywell, noted that trade with China is a positive force for change. He said, "Beyond the economic benefits, U.S. commercial engagement with China also strengthens the presence of American standards and ideals in the PRC. PNTR will further improve the ability of US firms to make a positive difference in many aspects of Chinese life." Bonsignore led the development of a recent report by The Business Roundtable on corporate social responsibility in China.
Support for PNTR comes from all sectors of the economy. Ernest S. Micek, Chairman of Cargill, said, "The agriculture community in Congress rightly supports this legislation because it is the right thing to do for the American farmer and it's the right thing to do for America." Micek noted that last week, Rep. Charles Stenholm (D-TX), a leader in the House Agriculture Committee and among the House "Blue Dog" Democrats, expressed confidence that the votes are there "on both sides of the aisle" to pass the legislation. "We see a strong bipartisan spirit that will carry the day for PNTR legislation," Micek said.
Congress must act to remove a Cold War requirement of annual renewal of normal trade relations with China if the United States is to fully share in the economic benefits of China's imminent entry to the WTO. While the Congress will not vote on China's entry to the World Trade Organization, the vote on permanent normal trade relations will determine whether the United States can fully benefit from China's WTO market-access concessions. Without PNTR, these concessions would fall exclusively to America's foreign competitors.
The Business Coalition for U.S.-China Trade consists of over 1,200 leading American companies, trade associations, and farm organizations that support PNTR. It is co-chaired by The Business Roundtable, the Emergency Committee for American Trade, the U.S. Chamber of Commerce, and the U.S.-China Business Council.
SOURCE: Business Coalition for US - China Trade:
