Write New Rules for the Global Economy
The rise of global markets has undermined the ability of national governments to control their own economies. The answer is neither global laissez faire nor protectionism but a Third Way: New international rules and institutions to ensure that globalization goes hand in hand with higher living standards, basic worker rights, and environmental protection. U.S. leadership is crucial in building a rules-based global trading system as well as international structures that enhance worker rights and the environment without killing trade. For example, instead of restricting trade, we should negotiate specific multilateral accords to deal with specific environmental threats.
We are writing to urge you to bring legislation granting Permanent Normal Trade Relations (PNTR) status to China to the floor prior to the July 4th recess. It is important that we maintain the momentum that accompanied the passage of this legislation in the House.
In view of the unique legislative situation and the importance of avoiding a conference, we will work with the mangers of the bill to defeat all amendments. While we recognize the importance of Senate prerogatives and the right of each Member to offer amendments, this legislation merits a bipartisan effort to pass the bill as it has been sent to us from the House.
PNTR will give U.S. businesses and workers an opportunity to participate in the world’s fastest growing economy and ensure that the United States reaps the benefits that were negotiated last fall in the U.S./China World Trade Organization (WTO) Accession agreement. Access to China’s enormous population will help sustain American economic growth. In addition, having China in the WTO will force them to play by the rules of the international trade system.
With the continued strength of the U.S. economy and our leadership at stake, we pledge our support to this vital legislative initiative. Please know that we stand ready to assist you in this effort in any way.
The mission of the Cato Institute Center for Trade Policy Studies is to increase public understanding of the benefits of free trade and the costs of protectionism.
The Cato Trade Center focuses not only on U.S. protectionism, but also on trade barriers around the world. Cato scholars examine how the negotiation of multilateral, regional, and bilateral trade agreements can reduce trade barriers and provide institutional support for open markets. Not all trade agreements, however, lead to genuine liberalization. In this regard, Trade Center studies scrutinize whether purportedly market-opening accords actually seek to dictate marketplace results, or increase bureaucratic interference in the economy as a condition of market access.
Studies by Cato Trade Center scholars show that the United States is most effective in encouraging open markets abroad when it leads by example. The relative openness and consequent strength of the U.S. economy already lend powerful support to the worldwide trend toward embracing open markets. Consistent adherence by the United States to free trade principles would give this trend even greater momentum. Thus, Cato scholars have found that unilateral liberalization supports rather than undermines productive trade negotiations.
Scholars at the Cato Trade Center aim at nothing less than changing the terms of the trade policy debate: away from the current mercantilist preoccupation with trade balances, and toward a recognition that open markets are their own reward.
The following ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
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