THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release July 3, 1993

STATEMENT BY THE PRESIDENT

Today I am pleased to sign into law H.R. 1876, extending legislative "fast track" procedures to conclude the Uruguay Round of multilateral trade negotiations. I want to extend my thanks to the Congress for its broad bipartisan support for this legislation and the Administration's trade policies.

Fast track authority is critical to our effort to complete these important negotiations by December 15, 1993. Fast track procedures give our negotiators the bargaining power they need in Geneva, while at the same time ensuring the Congress' role during the negotiation and approval of a Uruguay Round agreement.

The Uruguay Round is an ambitious effort, involving more than 100 nations, to lower tariff and non-tariff barriers around the world and to strengthen and update a set of rules for international trade that have become increasingly ineffective and obsolete.

Completion of the Uruguay Round would provide a major boost to the world economy at a time when it is crucially needed. As the world's leading exporter -- and the world's most open economy -- the United States stands to benefit significantly by reducing trade barriers and opening markets around the world for manufactured goods, agricultural products, and services.

We remain committed to completing these important negotiations this year, and we will encourage our trading partners to make their contribution to bringing the negotiations to a successful conclusion.

WILLIAM J. CLINTON

THE WHITE HOUSE,

July 2, 1993.

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