June 24, 2015
Caterpillar: TPA Passage a Significant Victory for Trade Liberalization and Economic Growth
TPA Sends Message to World that America is Serious About Reducing Trade Barriers
PEORIA, Ill./Washington, D.C. – Trade Promotion Authority (TPA), a critical tool long absent from United States trade negotiations, cleared its final hurdle today before being sent to President Obama. Passing the Senate with bipartisan support, TPA is a linchpin that will provide U.S. trade negotiators with the strongest possible negotiating position as the U.S. seeks to expand trade with Europe, the Asia-Pacific Rim and developing countries. While Caterpillar (NYSE: CAT) played a leadership role in support of TPA, a key difference-maker was the engagement of Caterpillar employees.
“Congressional passage of TPA marks a significant victory for supporters of trade and economic growth,” said Caterpillar Chairman and CEO Doug Oberhelman. “Caterpillar has been a consistent, forceful voice for trade throughout our 90-year history; and we’re glad to see a bipartisan Congressional majority reaffirm that the U.S. is serious about increasing trade. We’re also especially proud our employees sent more than 27,000 letters to Washington to ensure their position in favor of trade was known during this debate.
“We commend President Obama, Ambassador Froman, Speaker Boehner, Leader McConnell, Senators Hatch and Wyden, and Chairman Ryan for their commitment and persistence throughout this long process. We are optimistic that TPA will lead the way for many new market-opening agreements, including the Trans-Pacific Partnership.”
Caterpillar’s employees and suppliers demonstrated their understanding of how essential trade is to Caterpillar’s ability to grow and delivered that message to Washington. The Trans-Pacific Partnership, the Transatlantic Trade and Investment Partnership and other agreements create opportunities to enhance Caterpillar’s exports. During the past five years, Caterpillar has exported nearly $88 billion of products from the United States; during the same period more than half of the company’s U.S.-made products have been sold overseas.
TPA, which has been provided to each president since Franklin Roosevelt, has lapsed since 2007. The bill will be sent to President Obama where it will await his signature.
For 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2014 sales and revenues of $55.184 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments – Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.