Free trade in Americas interest
"No nation was ever ruined by trade," stated Benjamin Franklin in the 18th century. Franklin's maxim is just as true today as it was in the 18th century in that trade is enriching nearly all nations today. In the past ten years free trade has done more to alleviate poverty than any well-intentioned law, regulation, or social policy in history. Even the United States benefits from opening its markets to free trade. Two epochal forces are sweeping the world today: the spread of new technology and the spread of free markets. Their combined effect has been to let capital, labor, and production move more freely across borders. This freedom of movement has allowed for a more efficient allocation of resources, which has made for a more productive, wealthy world. Globalization has brought far away communities across the world closer together. It has brought Internet access to Rwanda, CNN to Azerbaijan, Japanese investors to the U.S. It has also brought unprecedented wealth and economic activity. The world is richer than ever, and increased free global trade is one of the main reasons.The United States has many sources of power in the pursuit of its goals. The global economy demands economic liberalization, greater openness
Consumers and producers know that they can enjoy secure supplies and greater choice of the finished products, components, raw materials and services that they use. government is committed to promoting free trade around the world-a policy supported by an overwhelming consensus of economists. At the same time, it has held fast to protectionist policies in clothing, shipping, sugar, broadcasting and other industries. If companies are free to trade in any market, then the companies in any particular country will specialize in producing whatever can be produced most cheaply in that country; they will then trade it with other companies for goods that could be produced more cheaply somewhere else. To further boost its legitimacy, the WTO could do with an executive committee, modeled on the IMF's executive committee, as proposed by Sylvia Ostry, a former Canadian trade negotiator. Prices are supposedly the best indicator of the supply of any particular good relative to how much people want of it. Such a forum could eliminate difficult policy issues and help forge agreement on how far the WTO should trespass on countries' sovereignty for the sake of free trade. So everyone will get the maximum amount of product for the cheapest possible price. Americans can't seem to make up their minds about trade. They permit us to reach out to states as varied as South Africa and India and to engage our neighbors in the Western Hemisphere in a shared interest in economic prosperity. These agreements are the legal ground-rules for international commerce. These are critical times for the WTO, and for free trade in general. multinationals simply isn't responsive to those fears; indeed, it actually plays to suspicions that the WTO is a front for big corporations that seek to profit at the expense of ordinary Americans. The United States is the world's loudest champion of free trade and open markets.
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