Top US business lobby urges more free trade

WASHINGTON (Yonhap) -- The head of the U.S. Chamber of Commerce on Thursday praised Congress's passage of a free trade deal with South Korea but stressed that Washington should do more.

"The president and Congress acted not a moment too soon when they finally passed trade agreements with South Korea, Colombia, and Panama." Thomas J. Donohue, president and CEO of the group, said in his State of American Business Address at its headquarters here. "Americans were already losing jobs to competitors."

The 40-minute speech outlined the chamber's policy and political agenda for 2012, the 100th anniversary of its foundation. The organization is the world's largest business federation, representing the interests of more than 3 million businesses large and small.

He warned that the U.S. will continue to lose sales and jobs in other competitive markets unless it quickly pursues a bold trade agenda.

"A great way to start is by completing a Trans-Pacific Partnership (TPP) Agreement in the booming Pacific Basin," he said in an energetic tone in front of an audience of 300.

The TPP aims to enhance trade and investment among Pacific nations. The U.S. is in talks with Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and Japan, trying to complete a deal this year.

"It's time to get moving on additional free trade deals," Donohue said. "Brazil, Egypt, India and Indonesia are just a few of the countries that should be on the list for consideration."

He urged politicians to stop partisan strife over issues related with job creation and economic growth.

The year 2012, he said, "must not be a wasted year simply because it is an election year. As we begin 2012, the state of business is improving, but it is doing so weakly, slowly, and insufficiently to put enough of our country back to work."

He said last week's report that the country's unemployment rate inched back down to 8.5 percent is not adequate.

"Let's not forget that it was 5 percent in December 2007 as the recession began," he said.

Donohue stressed the need to boost the energy sector and urged the Obama administration to pursue a controversial project, the Keystone oil pipeline from Canada to Texas.

"Approve the Keystone pipeline to put up to 250,000 Americans to work over the life of the project," he urged.

Obama has until Feb. 21, a deadline set by Congress, to either allow the $7-billion project to proceed or decide to seek an alternative.

He also defended Mitt Romney, favored to win the Republican presidential nomination, from sharp attacks from his rival candidates over his work as a private-equity executive at Boston-based Bain Capital LLC, which critics view as a vulture fund.

"I'm disappointed with the intramural carrying on, attacking one of the candidates who has an extraordinary -- who formed a great firm and had a pretty good track record," he said in a press conference after the speech.

"It's foolish for Republicans to carry on that line of attack because they do nothing but set up the ads for their opponents," he added.