WASHINGTON -(Dow Jones)- U.S. Chamber of Commerce President Tom Donohue on Friday said Greece's debt situation will have an impact on the Obama administration's plan to double exports in five years.
Donohue said that despite most U.S. trade being with Germany, France and the U.K., Greek's debt situation is so widespread throughout the euro zone that it'll likely impact upon U.S. currency.
The chamber official, using the situation as an example, urged the Obama administration to address the U.S.'s debt in a timely manner, with hopes of avoiding fiscal meltdown.
Donohue's remarks in Washington kicks off a lobbying blitz before Congress Friday to debunk popular views that trade kills jobs, especially the Trade Act of 2009, which has attracted 143 cosponsors in the House and eight in the Senate. The Chamber is hoping to put pressure on Congress to pass long-stalled free trade agreements.
His comments on Greece were made during the events' question and answer session.
The chamber is trying to inject some urgency into the Obama administration's effort to double exports in five years. "The way to get the exports doubled is to do the free-trade agreements," Donohue said in an interview with Dow Jones Newswires Thursday.
As part of this campaign, it is releasing a report it says shows how existing trade pacts have helped generate millions of jobs. "I'm trying to point out that everybody around the world is cutting free trade agreements because they recognize that trade is jobs," Donohue said.
Donohue argued that the U.S. is in danger of being left behind. Major U.S. trade partners, such as the European Union and Canada, have inked free-trade pacts with South Korea, Colombia and Panama. These are some of the same countries that have been waiting years to see negotiated deals with the U.S. win congressional approval.
The Chamber is also planning over $1 million on advertising buys in print and online to drive home the message that free trade creates jobs and doesn't ship them overseas, as polls show many Americans believe.
Next week, small-business owners and other members of the group plan to knock on the doors of every member of Congress to stress the importance of trade. The Chamber will also play host to trade ministers from Colombia, Panama, South Korea and other countries as part of a major conference on the subject.
Friday, Donohue said China must adjust its currency by letting it appreciate. However, he was not keen on the idea of including labor and environmental measures in trade agreements.
Donohue said the chamber could have better success arguing for free-trade agreements before Congress if there's an "adequate" balance of Republicans and Democrats after the November election.
(Tom Barklay contributed to this report.)
Copyright 2009 Dow Jones Newswires
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