The President has identified three main areas in which new trade agreements would greatly benefit the United States:
The WTO Agenda: The "build-in" agenda of the World Trade Organization calls for negotiations on government procurement in 1997; intellectual property in 1998; agriculture in 1999; and trade in services in 2000. In each of these areas, the United States is the most competitive nation in the world and stands to benefit the most from writing the rules of trade.
Key Sectors of the Future: The President also wants to build on the success of the Information Technology Agreement (ITA). This $5 billion tariff cut on products for which the United States is the world's leading producer was achieved by the use of residual tariff cutting authority. The Administration has identified 8 additional sectors for future negotiations: ITA II, chemicals, automotive, oilseeds, energy equipment and services, environmental technology and services, medical equipment and services, and wood and paper products. Other APEC members have submit their "wish lists" and there is overlapping support for many of the U.S. suggestions. Without fast track, it is very unlikely that this process will go forward.
Emerging Economies: The President hopes to move forward in the Asia Pacific Economic Cooperation Forum (APEC) toward the goal of open trade by the year 2010 and with a Free Trade Agreement for the Americas (FTAA) by the year 2005. In both regions, economic growth rates are among the highest in the world and barriers to U.S. exports remain high. Tariff reductions and greater market access will have a very positive effect on our exports. Without the active participation of the United States, both of the processes will slow considerably.