Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, December 11, 1993 TAG: 9312110085
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: GENEVA LENGTH: Medium
Two influential Democrats warned that a new General Agreement on Tariffs and Trade will be acceptable only if it is politically palatable in the United States. President Clinton recently fought a tough battle to get a free-trade package with Canada and Mexico, and GATT could be an even harder sell.
Dan Rostenkowski, chairman of the House Ways and Means Committee, and House Majority Leader Richard Gephardt said they would take a firm stand against "dumping," or exporting goods into America below cost.
The GATT deal is intended to expand the global economy $200 billion per year by reducing duties on imported goods, opening access to international markets and creating a fairer set of ground rules for world trade.
The talks by 116 nations face a Wednesday deadline for reaching a deal that can be approved by Clinton without amendments by Congress. The deal then would either approved or rejected as is by Congress, in a battle where powerful lobbyists will come into play.
Many opponents of the North American Free Trade Agreement, including labor unions, environmentalists and other special interests, seem certain to put up a big fight against GATT. Executives from U.S. businesses, including movie-making, planemaking, farming, steel, banking and computers, have expressed their reservations.
Banks, in particular, were once big backers of GATT but now are worried the deal will let foreigners move onto their turf without gaining equal rights for them in other countries.
"We won't settle, as the chairman said, for just any deal," said Gephardt, a NAFTA foe who took the strong step of voting against a Democratic president on that deal.
by CNB