WALLY HERGER: “Economic growth through increased trade and investment is one of our most effective tools in our arsenal for fighting…”

“Economic growth through increased trade and investment is one of our most effective tools in our arsenal for fighting poverty around the world. It also creates opportunity at home by opening foreign markets to U.S. agriculture, goods and services. The legislation before us today extends several trade preference programs which benefit millions of workers in African, Andean and developing countries around the world. It also extends Permanent Normal Trade Relations to Vietnam which will officially join the World Trade Organization later this month. Vietnam's membership in the WTO will bring substantial economic benefits to American consumers, farmers, businesses and workers only if we approve this measure. Without PNTR, farmers, firms and consumers in the U.S. will not be able to take full advantage of Vietnam's WTO commitments. U.S. agricultural exports to Vietnam exceeded $192 million last year and represented nearly 17 percent of our total exports to the country. PNTR will reduce tariffs to 15 percent or less on most agricultural exports. Vietnam has also agreed to allow imports of all U.S. beef from animals under 30 months of age. Today's legislation paves the way for greater economic and strategic cooperation between our Nation and the many countries that will benefit from a broader trade relationship. I urge its passage.”