ADM Applauds Introduction of Trade Promotion Authority Legislation
The legislation is sponsored by Sens. Orrin Hatch, R-Utah, and Ron Wyden, D-Ore., and by U.S. Rep. Paul Ryan, R-Wis. ADM shares their belief that the legislation is essential as the U.S. pursues a historic trade agenda that includes the Trans Pacific Partnership Agreement and the Transatlantic Trade and Investment Partnership.
“Reducing barriers to trade will benefit ADM, American farmers, and our entire U.S. economy,” said Patricia Woertz, chairman of ADM’s board of directors. “As a member of the President’s Export Council, and as chairman of a company that works to connect farmers to markets around the globe, I congratulate the sponsors of this legislation, and urge its swift passage.
“American farmers help feed the world,” Woertz continued. “The value of U.S. ag exports in 2014 was $152.5 billion—up from $108.5 billion from only five years before. Our ag sector had a $43.3 billion trade surplus last year. Exports represent a critical part of our agricultural economy. And every day, ADM is helping American farmers connect to the global economy by shipping crops and finished products to markets around the globe.
“Trade is critical to our business and to American agriculture—and it’s critical to ADM’s purpose: to serve vital needs. The world’s need for food is growing and evolving as our global population rises and a new global middle class emerges. ADM is helping American farmers meet those needs, but to continue to do so, we need to make sure agricultural products continue to flow from here to markets around the world. We need fewer obstacles, fewer artificial barriers to trade. That is why we are pleased to see trade promotion authority legislation introduced, and hope for its swift passage.”
Archer Daniels Midland Company