US House of Representatives
Friday, May 11, 2007
Congress and Administration Announce New Trade Policy
WASHINGTON, DC - Members of the Democratic and Republican Congressional leadership led by Speaker Nancy Pelosi joined with key Administration officials today to announce an agreement on a new trade policy for America. Today’s announcement was the culmination of months of negotiations between Ways and Means Committee Chairman Charles B. Rangel (D-NY), Ranking Member Jim McCrery (R-LA), Trade Subcommittee Chairman Sander Levin (D-MI), Trade Subcommittee Ranking Member Wally Herger (R-CA) and the Administration.
The agreement announced today is a fundamental shift in U.S. trade policy. Pending free trade agreements (FTAs) will be amended to incorporate key principles that will expand and shape trade in ways that spread the benefits of globalization here and abroad by raising standards. This new policy clears the way for broad, bipartisan congressional support for the Peru and Panama FTAs. A summary of key provisions is attached.