On the recordSeptember 7, 2011
I yield myself such time as I may consume. Mr. Speaker, this bipartisan legislation, which renews the nearly 40- year-old Generalized System of Preferences, is a vital part of a robust trade agenda, an agenda that makes American companies more competitive and increases American exports. GSP is an important tool for boosting economic growth and job creation. Just last week, we learned that on the whole there were zero jobs created in August and that the unemployment rate remains above 9 percent. Over the next several weeks, congressional Republicans will bring several bills to the floor that will address the shortage of American jobs and help promote job creation. This legislation is an important component of that effort because GSP is critical to the competitiveness of many American manufacturers. Having more competitive American companies means creating and supporting more American jobs. The lapse of this program since the beginning of the year has unnecessarily imposed higher costs on American manufacturers and consumers at a time when we can least afford it. The GSP program is the largest U.S. trade preference program and provides duty-free treatment to nonsensitive imports from over 130 developing countries. Many U.S. companies source raw materials and other inputs from GSP countries, and the duty-free treatment of these imports reduces the production costs of these U.S. manufacturers, making them more competitive.…
