Earlier tonight, in New Orleans for the North American Competitiveness Council Summit, President Bush talked about trade and its benefits:  (Their crowd reactions, my bold)

This is an important summit. It gives three friends a chance to come together to discuss our commitment to security and prosperity. It's a chance to reconfirm the need for the three of us to work in harmony together for the good of our peoples. It's a chance to talk about how we can best protect our people and extend prosperity. And one of the best ways to do that is through trade.

The people of Louisiana understand the benefits of trade firsthand. While many sectors of the economy were hit hard by Katrina, exports were a source of strength. And they continue to be in the years since. I don't know if a lot of people know this, but exports from Louisiana surpassed $30 billion in the year 2007 -- that would be $30 billion for the first time ever. (Applause.) All these exports come through New Orleans, which is a source for jobs and hope.

And the fundamental question is, will we continue to be a nation that believes in free and fair trade? Canada and Mexico are our two most important trading partners. Since the North American Free Trade Agreement took effect, an agreement I strongly support, trade between the United States, Mexico and Canada has more than tripled, and our economies have grown by more than 50 percent. (Applause.)

One of the challenges for the North American Competitiveness Council is to find unnecessary regulations that prohibit the free flow of trade. And so tomorrow the leaders at the Council will come forth with specific recommendations, and I'm looking forward to hearing them, and I'm looking forward to implementing them.

The United States has an opportunity to continue a trading agenda. As a matter of fact, we have an opportunity with three important countries -- Colombia, South Korea and Panama. Interestingly enough, all three of these countries are among Louisiana's top 10 foreign markets for exports. These agreements will be good for New Orleans' workers and business. And the Mayor recognized that. He wrote a leader to our Speaker -- wrote a letter to our Speaker, who is the leader in the Congress -- and here's what he said: "Each of the future free trade agreements would provide unique opportunities for the city of New Orleans to increase international economic development."

Unfortunately, we had a setback in a very important free trade agreement with Colombia. The Speaker made a decision to block the free trade agreement. It's an unfortunate decision, and the deal is dead unless she changes her mind. And that's bad for American workers and it's bad for our security, and it's bad for the people here in New Orleans, Louisiana.