Economic Summit brings top brass and top issues to Waco

By MANDY JOHN | Central Texas Edition

President Bush and Vice President Cheney listen to comments and questions from the chairmen of all forum sessions. Bush assured all panelists that the concerns and ideas brought to light from the discussions would be taken back to Washington, D.C., for review. -Staff photo by Mandy John

August 22, 2002 -- U.S. Agriculture Secretary Ann Veneman was among the nation's top officials that attended the August 13, 2002 President's Economic Forum held in Waco.

Veneman and U.S. Trade Representative Robert Zoellick chaired a trade panel that addressed issues important to ag producers.

The trade panel session focused on the president's agenda to create better jobs for Americans by opening world markets to U.S. products and services. But Veneman made known that "our farmers feed and clothe not only the people in this country but people around the world. And it's important that we work together to expand markets for our food and fiber both at home and abroad."

Veneman has played a key role in eliminating trade barriers and expanding opportunities for American farmers through new export markets. She has worked closely with Zoellick, helping lead to the successful launch of a new round of trade negotiations for the World Trade Organization, according to her published biography.

Glen Barton, chairman and CEO of Caterpillar, was the trade panel's guest speaker. Panel participants from Texas included Leytrice Henson, Folgers Coffee plant manager, Sherman; Michael Dee Vaugh, National Corn Growers Association's national director, Dumas; Donald Patman, Patman Farms, Waxahachie; and Wanda Walser, Automated Food Systems co-owner, Duncanville.

Zoellick began the session by telling the panel why trade is so important for the betterment of America. He informed them that by opening the trade market, the United States can create more jobs which will create competition so essentially prices will be lowered. He said President Bush feels trade is a "win" for the nation.

Veneman's objective was to inform the panel on how the long-term viability of U.S. agriculture is critically related to expanding markets overseas. She gave facts such as:

• Ninety-five percent of the U.S.' potential customers are outside the United States;

• Over one-fourth of the U.S. farm and food systems serves export markets;

• Each dollar received from agricultural exports stimulates another $1.30 in supporting activities such as harvesting, processing, packaging, transportation, storage and marketing;

• The business of agriculture - from producer to processor to retailer and food service sectors - generates 16 percent of U.S. gross domestic product and employs 17 percent of American work force;

• U.S. farmers export one-half of the wheat they grow, nearly 4 percent of all the cotton and corn oil, and one-third of soybeans; and

• High-value product exports now account for more than 60 percent of total U.S. agricultural exports.

Veneman also stated "96 percent of consumers live outside the U.S. so it is critical that America looks outside the U.S. markets."

Without trade, agriculture can't grow and prosper, she added.

Barton's view of trade was that "the U.S. must lead by example by having swift trade with countries like Singapore and Chili." He offered that U.S. markets should be kept open, because "the more open we are, the more we allow for growth and opportunity."

Later in the afternoon all the panel chairmen met with President George W. Bush and Vice President Richard Cheney and briefed them on what was discussed during their sessions.

The President addressed the crowd gathered at the event and related the purpose of the forum. "The economy was challenged by recession when I came into office. Then 9-11 happened and corporate scandals came to light," Bush said.

He added that the strength of the economy and how "the foundation is strong - now we need to build on it, which is what we are doing today." The president cited his goal - sustained economic growth that is limited and focused, and that job creation is number one in economic policy.

Bush concluded his speech by assuring the panelists that the concerns and ideas brought to light from the discussions would be taken back to Washington, D.C., for review.