From: Subject: Forbes.com - Magazine Article Date: Wed, 10 Mar 2010 14:33:57 +0100 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01CAC05E.B775A600" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01CAC05E.B775A600 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.forbes.com/2010/03/03/trade-deficit-economy-obama-opinions-contributors-james-bacchus_print.html Forbes.com - Magazine Article

3DForbes.com=20


Commentary
Trading Up
James=20 Bacchus, 03.04.10, 12:01 AM ET

President Obama has promised to create 2 million new jobs by doubling = exports=20 from $1 trillion to $2 trillion during the next five years. His Commerce = Secretary, Gary Locke, has announced a new "National Export Initiative" = intended=20 to keep the president's promise. Included are tougher enforcement, more = trade=20 financing and relaxed export controls.

These changes will certainly create jobs, but they will not be nearly = enough=20 to deliver fully on the president's promise. To keep his word he needs = more than=20 an export initiative--he needs an overall trade strategy. This strategy = must=20 include much more than merely export promotion.

To maximize job creation, export promotion must be accompanied by = market=20 opening. By far the best way to open more markets is through more trade=20 agreements. Negotiating more trade agreements must be a higher priority = for=20 Obama going forward than it was during his first year in office.

No one else will negotiate new trade agreements with us unless and = until we=20 approve our three pending free trade agreements with Panama, Colombia = and South=20 Korea. Why would they bother when we can't muster the political gumption = to=20 confront protectionist interests and go ahead with job-producing = agreements with=20 three of our leading trading partners?

First of all, the president needs to do whatever it takes politically = to push=20 those three FTA's through the Congress. He will then have the necessary=20 political momentum to break the deadlock in the Doha Round of global = trade=20 negotiations among the 153 countries in the World Trade Organization. = The WTO=20 talks offer untold job opportunities from more market access for = American goods=20 and services of all kinds worldwide.

The U.S. must also come to some understanding with China on trade. = The two=20 countries must provide mutual market access consistent with their mutual = WTO=20 obligations. The U.S. must stop imposing unfair restrictions on Chinese = imports,=20 and China must refrain from unfair restrictions on American exports and, = especially, stop unfair currency practices that harm American trade.

Such an understanding with China could ease the way to job creation = through a=20 "Trans-Pacific Partnership" on trade.

But as important as it is to look increasingly to Asia for new jobs = from new=20 exports, it's more important to strengthen our economic ties with our = neighbors=20 Mexico and Canada, which account for 30% of all our trade. The North = American=20 Free Trade Agreement must be enhanced to encourage further continental = economic=20 integration. This would heighten the global competitiveness of companies = throughout the continent--and create more jobs in all three NAFTA = countries.

For long-term job creation we need a global trade strategy for the = 21st=20 century. By all means we must continue to work with other WTO members to = create=20 jobs by eliminating the remaining barriers to trade in manufacturing and = agriculture, in goods and services. But there's much more that needs to = be=20 urged, post-Doha, by the U.S. as additions to the global trade agenda. =

To achieve the most for American businesses and workers in the new = global=20 economy, the WTO must take further measures on intellectual property,=20 investment, energy, technical standards, product safety, electronic = commerce,=20 green technology and other critical commercial issues that have not been = central=20 to trade talks in the past. The WTO must also confront the global = implications=20 of proliferating bilateral and regional trade agreements that threaten = to=20 undermine the fundamental rules of non-discrimination that ensure the = flow of=20 trade in the world trading system.

To his credit, the president has made trade part of his jobs plan. He = knows=20 that more jobs can result from more trade. But to deliver 2 million new = jobs=20 from $1 trillion in new exports in the next five years, he needs to = expand his=20 current "National Export Initiative" significantly.

James Bacchus is a former member of Congress from Florida, and a = former=20 chairman of the Appellate Body of the World Trade Organization. He = chairs the=20 global practice of the Greenberg Traurig law firm.

Read more Forbes opinions here= .




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