Business Roundtable Statement on Obama’s Commitment to Trans-Pacific Partnership Negotiations

Business Wire

posted: 85 DAYS 17 HOURS AGO

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“Business Roundtable commends President Obama’s commitment to expand U.S. economic engagement and integration with the Asia-Pacific economies. In particular, we applaud the President’s announcement that the United States will actively participate in the Trans-Pacific Strategic Economic Partnership (TPP) negotiations in pursuit of a multilateral free trade agreement with Vietnam, Singapore, Australia, Peru, Chile, New Zealand and Brunei.

“The President clearly recognizes that expanding U.S. trade and increasing U.S. exports is vital to America’s future economic growth and job creation. Opening foreign markets to U.S. goods and services allows American businesses and farmers to compete, and creates and supports quality American jobs.

“We are also encouraged by President Obama’s statement supporting continued negotiations to move forward the pending U.S.-Korea Free Trade Agreement, and we remain strongly committed to working with President Obama to find a way forward to conclude an ambitious and balanced Doha agreement.

“As the largest economy in the world, the United States has the most to gain from international trade, but we cannot take our position for granted. We must aggressively pursue trade agreements like the TPP or American companies and workers will lose their competitive advantage to foreign competitors. We are very pleased with President Obama’s commitment to pursuing the TPP, and will look forward to working with the Administration and Congress to ensure its successful conclusion,” said John J. Castellani, President of Business Roundtable.

Business Roundtable is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 12 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay more than 60 percent of all corporate income taxes paid to the federal government. Annually, they return more than $167 billion in dividends to shareholders and the economy.

Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $111 billion in annual research and development spending – nearly half of all total private R&D spending in the U.S.