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Clinton Pushes PNTR Bill in Minnesota, Ohio
U.S. President Bill Clinton Friday traveled to Minnesota and Ohio to push passage of the permanent normal trade relations (PNTR) bill less than two weeks before the pivotal vote in Congress.
Speaking to farmers beside a vast field of soybeans at Shakopee, Minnesota, Clinton argued that the biggest benefit of the PNTR bill will go to the agricultural sector in economic terms as "the magnitude of the Chinese market virtually defies the imagination."
Minnesota is the third largest state in the United States in soybean exports and production, fourth in corn and seventh in overall agricultural exports. In 1998, Minnesota exported 2.4 billion dollars worth of agricultural products to foreign markets, including 316 million dollars to China.
With a population of 1.3 billion, China is the world's largest growth market for soybeans and soybean products, Clinton said. It is projected that, over the next 30 to 50 years, China will have the biggest economy in the world, he added.
Clinton pointed out that to benefit from China's accession to the World Trade Organization (WTO), every member of the WTO "has to agree to treat China like a member."
"The only issue is whether we are prepared to give up this annual review in return for the economic benefits that we have negotiated," he said.
"I think if Congress turns its back on this opportunity, we'll spend the next 20 years regretting it, and I know we'll spend the next 20 years paying for it in ways that go far beyond dollars in farm families' pocket."
"This is a vote for economic security," he added. Speaking to business leaders, worker and community leaders in Akron, Ohio State earlier Friday, Clinton noted that "this is by far the most important national security vote we will take this year."
"I think if we pass it, it will strengthen and stabilize our position in Asia and reduce the likelihood of conflict, even war, there for a decade," he said.
Clinton said that in order to benefit from the provisions of the trade agreement reached with China in November last year, the U.S. has to grant PNTR to the country.
He said the trade deal is a good deal economically and it is more important for the national security of the United States.
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