September 10, 1997

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T H E W H I T E H O U S E

September 10, 1997

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Fast Track

PRESIDENT CLINTON LAUNCHES CAMPAIGN TO KEEP AMERICA'S ECONOMIC EXPANSION ON THE GLOBAL "FAST TRACK"

But to keep America growing, to continue creating jobs and opportunities, we must continue to expand exports. We must use every tool we have to pry open foreign markets to American-made products. We must act now, to continue our progress so our new economy works for all Americans. America must continue to fight for open trade around the world -- and that means Congress must renew the President's traditional authority to negotiate trade agreements.

-- President Clinton, 9/10/97

President Clinton, seeking to create more jobs, offer greater opportunity, and maintain America's position as a leader in the global economy, launched a campaign to renew the President's fast track authority. Fast track -- which Congress has granted to every President since 1974 -- gives the President credibility in negotiating tough trade deals by ensuring that Congress will vote on negotiated trade deals in timely manner. With this renewed authority, the President can continue to open more new markets to American goods, which in turn will create higher paying jobs. Already under President Clinton, 1.7 million new export-related jobs have been created. These jobs pay an average of 15 percent more than non-trade related jobs. The President needs this renewed authority to keep America's economic expansion on the global fast track.

Fast Track Will Create More Jobs and Improve Standard of Living.
We have created nearly 13 million new jobs and unemployment is as low as its been in 24 years. Exports are up more than $300 billion and 1.7 million export-related jobs have been created. In order to continue this success, America needs to continue to be a leader in the global economy. More than one third of our economic growth over the last four and half years has come from overseas trade. Exports support over 11 million American jobs, including one in five manufacturing jobs. And while we produce 20 percent of the world,s wealth, America has only four percent of the world,s consumers. Fast track will allow President Clinton to negotiate fair new trade agreements that will create jobs and raise our standard of living.

Fast Track Will Maintain Our Position As A Global Leader.
The United States has been the world's most competitive economy for the last five years. America has a longer period of sustained growth than any other major economy in the world. We are once again world's largest total exporter, the largest producer of semi-conductors, and the largest producer of automobiles. However, if Congress fails to give the President fast track, American workers will not be able to compete against the world on a level playing field and will miss out on high-paying jobs. America needs fast track to meet the challenges we face preparing for 21st century.

The Real World:High Tech Company Gets Boon From International Trade
Susan Corales-Diaz, president and CEO of Orange, California's Systems Integrated, is a prime example of how real Americans -- particularly those in high tech industries -- can succeed in the global marketplace. Ten years ago, the company, a $50 million manufacturer of automated control systems for the utility and telecommunications industries, shifted away from U.S. defense contract work and into the export market. As a result, they were able to continue to employ the company,s nearly 100 highly skilled workers and support their families . Now Systems Integrated sees its revenues from international trade rising from 30 percent of its revenue currently to 50 percent within the next two years.

September 10, 1997