The importance of world trade was the topic of discussion at the recent Yeutter Symposium on International Trade and Business held at the University of Nebraska, Lincoln’s Innovation Center. The symposium was hosted by long time trade negotiator and Nebraska native Clayton Yeutter and UNL An impressive panel was introduced by UNL Chancellor Ronnie Green and included Yeutter, Nebraska Governor Pete Ricketts and the CEO of Japanese trading firm JETRO, Japanese External Trade Organization, Hiroyuki Ishige.
Governor Ricketts talked about the importance of international trade to Nebraska’s overall and AG economy, citing several examples of Japanese companies doing business in Lincoln and employing hundreds of local workers. He also said trade is a relationship building activity and talked about several successful trade missions to Japan and the entire far east.
Clayton Yeutter gave several examples of trade successes over the years. He said the success of NAFTA and GATT is undisputable and he urged congress to pass the Trans Pacific Partnership treaty agreed upon by a dozen countries around the pacific rim. He said if we fail to pass the agreement then China will take over as the major trading country in the region. If that happens all the guarantees and safeguards in the TPP will be lost including sanitary concerns and worker protections. If that happens he said the US would lose its place as the major world trading leader. He also is concerned that both major presidential candidates are cool to the idea of TPP and he hopes that changes.
Hiroyuki Ishige lauded the partnership between japan and the US in trade over the years. He said they use our products, especially AG products to a large degree. US is the largest AG exporter to japan and beef is at the top of that list.
All agreed TPP is a must for continued growth in Japan and the United States.