by J.P. Fielder

The 30th floor of the Plaza Club in downtown Honolulu -- where Tom Donohue addressed the Chamber of Commerce of Hawaii yesterday -- offers an incredible view of Mamala Bay. The historic waterway is packed with all kinds of vessels transporting goods throughout the islands, the Asia-Pacific region, and around the world. As the Chamber of Commerce of Hawaii President Jim Tollefson pointed out, his local chamber was founded in 1850 on the basis of trade!

With the drawn-out debates over the South Korea, Colombia, and Panama trade agreements finally behind us, some policymakers would prefer that the United States take a break from trade policy. But as Tom remarked today:

Trade is not an optional luxury, but an economic imperative. Increased trade can be an antidote to our weak economy and the answer to doubts about American economic leadership at home and abroad. It can create hundreds of thousands of badly needed jobs without a single tax increase—and without adding a dime to the deficit.

He went on to outline the Chamber’s six point plan to boost trade:

• Asia-Pacific Trade Agenda: The Chamber is calling for an agreement that will set new goals and standards on three key emerging issues: state-owned enterprises, regulatory coherence, and the protection of intellectual property.
• Transatlantic Opportunities: We can strengthen our partnership with the EU through separate negotiations launched in parallel. This includes an agreement to eliminate tariffs on U.S.-EU trade. Additional agreements would address investment, services, and regulations.
• Multilateral Opportunities: The world’s leading economies must underscore their commitment to the World Trade Organization (WTO) and its rules-based trading system. The WTO should assemble a “coalition of the willing” to liberalize trade in services, the most rapidly growing sector of the global economy.
• New Partners for Free Trade Agreements: Following up on the completion of our recent trade agreements, the United States should consider new deals with Brazil, Egypt, and India, among others. To seriously begin these talks as well as complete the TPP negotiations, Congress must renew Presidential Trade Promotion Authority.
• International Investment: Negotiating more bilateral investment treaties (BITs) will allow the United States to expand the 5 million American jobs that are sustained by foreign investment.
• Travel and Tourism: Nationwide, this is a $700 billion industry that provides 7.4 million American jobs. It can be expanded by bringing more countries into the Visa Waiver program and providing adequate resources at our consular posts and our ports of entry. This will reduce the barriers that our visa system imposes on businesses and leisure travel.