Hon. Michael G. Oxley: “I rise today to support the Trade Promotion Authority Conference Report. I would like to thank the distinguished…”

“I rise today to support the Trade Promotion Authority Conference Report. I would like to thank the distinguished Chairman of the Ways and Means Committee, Mr. Thomas, for crafting this balanced and fair legislation. Trade Promotion Authority is absolutely critical to reenergize our economy, create jobs and stimulate growth. TPA will grant the President, in consultation with Congress, the ability to negotiate in good faith with our trading partners. Without TPA the United States will once again be excluded when the other nations of the world begin negotiations for a free trade agreement. Our competitors in Europe are already party to over one hundred free trade agreements, while the U.S., the world's largest and most powerful economy, is party to only 3 such agreements. I would like to address my colleagues on the importance of TPA as it relates to trade in services. The U.S. is the world's largest exporter of services, and service is the fastest growing sector of the U.S. economy, accounting for 80 percent of both GDP and private employment.”