LETTERS: `FAST TRACK' IS ESSENTIAL TO GROWTH

To the editor:

With all the recent banter in the political arena about renewing fast-track trade negotiating authority, it would be easy to conclude this is nothing but a power struggle between the president and Congress. I assure you it's not.

"Fast track" is critical for Procter & Gamble and the 44,000 U.S. workers we employ,including 1,250 right here int he Cape Girardeau/Jackson area. The outcome of this debate will impact American workers and America's competitiveness in the global marketplace. Here's why.

Procter & Gamble's ability to grow and create jobs in America relies heavily on the ability to sell our household products to the 96 percent of the world's consumers who live outside the U.S. In fact, these consumers account for more than half of Procter & Gamble's $35 billion in sales and for almost 75 percent of our sales growth over the past 10 years. As a result, one in five of our 44,000 U.S.-based jobs is directly linked to our international business. Clearly, Procter & Gamble would be much smaller today and employ fewer Americans in less secure jobs if we had not been able to expand globally due to existing trade agreements. We expect this will continue since emerging economies in Asia and Latin America are projected to grow at three times the rate of mature economies in places like the United States.

The fast-track legislation would give American presidents the authority to negotiate trade agreements in consultation with Congress and give Congress the authority to accept or reject those agreements within a set time frame and without amendments.

"Fast track" is not a new or untested idea. Every U.S. president since 1974 has had fast-track trade negotiating authority. They used it effectively to knock down foreign trade barriers and contribute to the country's economic growth and prosperity. But in 1994 fast-track authority expired. Since then, more than 20 major trade treaties have been negotiated without the United States at the table.

I believe America's growth will be in jeopardy if Congress fails to renew "fast track." The U.S. will be forced to watch from the sidelines as other countries negotiate productive trading partnerships with exploding markets like Asia and Latin America. U.S. companies and workers will be at a serious competitive disadvantage.

Congress must renew "fast track." We can't be a leader in the global economy and continue creating good jobs for American workers if we aren't in the game.

JOHN E. PEPPER, Chairman and Chief Executive

The Procter & Gamble Co.

Cincinnati