Nation's Leading CEOs Urge Congress to Pass Colombia Free Trade Agreement

Business Wire, May 20, 2008

WASHINGTON -- Business Roundtable today convened a meeting with the country's top business leaders, Colombian Ambassador Carolina Barco and members of Congress to discuss the potential impact of the Colombia Free Trade Agreement and the need for its immediate passage. Citing active international engagement's critical role in American economic success, Business Roundtable encouraged policymakers to act in the spirit of bipartisanship and pass the agreement swiftly.

"U.S. workers and companies need better market access so that their goods and services are not isolated from important markets, like the thriving Colombian economy," stated Jim Owens, chairman and CEO of Caterpillar Inc. and chairman of Business Roundtable's International Trade and Investment Task Force. "With nearly one in five jobs tied to trade and American exports accounting for one-quarter of U.S. economic growth, we cannot turn our backs on free trade agreements like the Colombia FTA that promise fair rules and expanded economic opportunities for our workers," Owens continued.

During today's policy meeting, Business Roundtable also reiterated its goal of creating a new system to promote lifelong learning by providing education and training to Americans and assistance to dislocated workers, regardless of why they lost their jobs.

"The increasingly connected international economy is a reality and we cannot escape the fact that our country's economic growth is dependent on it. Open trade is a driving force for American workers' success," stressed Owens. "While our trading partners continue to move forward with their own bilateral trade agreements that disadvantage American workers, we must work quickly to ensure American competitiveness and continued economic growth."

Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with $4.5 trillion in annual revenues and nearly 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and represent over 40 percent of all corporate income taxes paid to the federal government. Collectively, they returned $114 billion in dividends to shareholders and the economy in 2006.