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November 28, 2006 – In prepared remarks for delivery before the Confederation of British Industry Annual Conference, U.S. Treasury Secretary Henry M. Paulson spoke on the importance of trade relationships in the global economy.
Secretary Paulson discussed the tremendous opportunity to create freer markets in many sectors, through the Doha Round of trade negotiations. He was also clear that manufacturing and services are just as vital to the economic growth of our nations as agriculture.
The U.S. Treasury chief warned that protectionist sentiment that is rising in the U.S., the U.K. and elsewhere around the world is predicated on false perception that trade harms our economies. He stated that protectionist policies do not work and jobs saved in the short term are offset by more job losses and a lower standard of living in years to come.
Secretary Paulson added that trade improves wages and creates jobs. He cited a study that indicates that U.S. employees of multinational firms earn wages and benefits that are 18 percent higher than employees of purely domestic firms. He also noted that another report shows that nearly 42 percent of U.S. workers are employed by a company that engages in global trade. This implies that more than 56 million American workers today work in jobs that depend on trade.
Read the entire speech.
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