Bill Clinton: “Yes. And let me tell you why. NAFTA gives us a chance to have more access to Mexican markets and not to have a permanent…”

“Yes. And let me tell you why. NAFTA gives us a chance to have more access to Mexican markets and not to have a permanent trade deficit with Mexico just because their wages are lower than ours. In the first year of NAFTA's existence, we had a huge surplus with Mexico and generated many thousands of jobs. The truth is that the Mexicans expanded too quickly, borrowed too much money, and got in trouble. But now, under President Zedillo, they're slowly working their way back into a stable situation. Over the long run, NAFTA means more opportunities for Americans to sell products that bring higher wages to our workers, it means more stability in Mexico, it means less illegal immigration, it means better partnerships in Mexico and in Canada and then throughout Latin America for the long run. We have to make these decisions in this period of change not just on what might be good next month but on what will be good for America 10 or 20 or 30 years from now, and I'm convinced that NAFTA and the GATT world trade agreement will be very good for America over the long run. Bosnia Mr. King. A report just in, Mr. President, from Reuters, that all the factions in Bosnia are going to meet in New York this week. What can you tell us?”