From remarks by U.S. Trade Representative Carla A. Hills to the Philadelphia World Trade Affairs Council on Oct. 18:
Just as a thriving family outgrows its first house, so too has the family of 100 nations, who make up the GATT and account for 85 percent of world trade, outgrown the rules that have served us so well for so long.
Today, a third of world trade -- more than $1 trillion a year -- is not adequately covered by internationally agreed on rules. Areas inadequately covered by GATT rules, like agriculture, or not covered at all, like services, investment and intellectual property, have taken on an enormous importance in global trade generally and to the United States in particular.
That is why four years ago, the United States urged that a new round of trade talks be launched. ... We are now in the final seven weeks of those negotiations. Let me mention just a few of the benefits the Uruguay Round could bring to America: Lower tariff and nontariff barriers worldwide, increasing U.S. output by $125 billion annually. Rules to protect the intellectual property of America's entrepreneurs, ending the $60 billion lost annually through theft and counterfeiting. New markets for U.S. service firms, which today export $90 billion annually and create nine-out-of-10 of our new jobs. An agreement opening world markets to investment, creating expanded opportunities in a sector that already generates more than $240 billion of U.S. exports. ... And finally, a more effective means to resolve trade disputes, which if left to fester risk heightened international tension at a time when we need increased international cooperation.