![]() Financial Daily from THE HINDU group of publications Saturday, Mar 19, 2005 |
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Industry & Economy
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Foreign Trade Bush selects Portman as Trade Representative Sridhar Krishnaswami
Washington , March 18 THE US President Mr George W. Bush has selected Ohio Republican Congressman Mr Rob Portman as his top trade negotiator to succeed Mr Robert Zoellick who has moved over to the Foggy Bottom to be the Deputy Secretary of State. Mr Bush said that he was asking Mr Portman to pursue a broad agenda that included getting Congressional nod for a Free Trade Agreement with six Latin American countries and the successful completion of global trade talks. "Mr Rob is the right man to carry out this agenda. He understands that trade creates jobs, raises living standards and lowers prices for families here at home,'' Mr Bush said in a White House ceremony. "Open markets and better trade relations are key components to a more peaceful, a more stable and a more prosperous world,'' Mr Portman remarked. The Ohio lawmaker will have to get the endorsement of the Senate but his confirmation is not expected to face any difficulty and much of this has been passed off on the personality and his style of functioning on Capitol Hill in the 12 years he has been there. The charm offensives on Capitol Hill and elsewhere apart, Mr Portman does indeed have a challenging assignment ahead as Democrats have not failed to remind this Bush administration that the country's trade deficits are the contributing factor to the loss of manufacturing jobs. The trade deficit was an all-time high of about $617 billion last year and some three million manufacturing jobs have been lost since mid-2000. The Republican administration is also waiting for Congressional action on the Free Trade Agreement with the Dominican Republic and five other Central American nations. This is yet to come up for a formal vote as Democrats are not sure if the deal gives enough protection for American workers from low wage nations and if sufficient environmental protections have been put in place. In a larger scheme of things, analysts have reminded Mr Portman that he faces a tough road ahead as it pertains to the Doha Round especially in the realm of agriculture, for the developing world is insisting that rich nations such as the US and others have to come to terms with farm subsidies.
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