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John Snow on Free Trade

Treasury Secretary (Pres. Bush Cabinet)

 


Multilateral trade liberalization is a global tax cut

Opening markets and reducing barriers to trade is an important engine for domestic and global economic growth; trade leads to more jobs, higher wages and increased productivity, which in turn leads to greater prosperity. It is through free trade that all nations can benefit from each otherís prosperity. Free trade means new markets for exporters.

Multilateral trade liberalization is a global tax cut for all consumers and exporters and an engine for growth, in association with sound macroeconomic and structural policies. The IMF and World Bank estimate that the static global welfare gains from eliminating barriers to merchandise trade alone are broadly in the range of $250 billion to $550 billion per year.

Even as we ponder the next steps in the WTO, the US continues to press an aggressive trade agenda to open markets regionally and bilaterally with willing partners. By moving forward on multiple fronts, we can exert leverage for openness and create a new competition for trade liberalization

Source: Remarks to Center for Strategic and International Studies , Feb 27, 2004

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Page last updated: Sep 28, 2018