World Trade News: US ready to back Nafta bank - White House steps up campaign on pact with aid for affected communities
THE Clinton administration will soon announce support for a North American Development Bank, which would fund projects in communities hit by job losses resulting from the North American Free Trade Agreement. The so-called NADBank has been strongly supported by Congressman Esteban Torres, who has insisted on some sort of lending institution to support adjustment throughout the continent. Agreement by the administration is expected to bring Mr Torres and at least 7 other Hispanic congressmen into the pro-Nafta fold. The administration believes it can garner 200-210 pro-Nafta votes, out of the 218 needed. It is assuming that every undecided congressman only wants a reason - favourable constituent mail - to vote for the pact, and it is pushing feverishly to turn anti-Nafta public opinion around. The White House 'war room' believes the vote currently breaks down into 110 Republicans in favour, 65-75 Democrats in favour; and 20-30 leaning towards it. Under this hopeful scenario, the White House will use the last few days before the November 17 House vote to cajole, bargain and twist arms to get the remaining 8 votes. However the anti-Nafta forces expect a different outcome. They count 190-200 Democrats against, 10-15 Democrats leaning against, and 5-10 Republicans opposed. The pro-Nafta campaign this week began moving into high gear. State by state, undecided congressmen are being lured to the White House for intimate briefings, as are business leaders and journalists. Members of the cabinet are being sent to congressional districts, where they visit and publicise factories that are expected to gain jobs if Nafta passes. President Bill Clinton on Wednesday gave his second impassioned speech on Nafta at an exhibit on the White House lawn of products likely to benefit from Nafta. He envisioned continent-wide free trade 'when we'll have over 700m people in this trading bloc, united in believing that we can help one another grow and flourish,' he said. The Nafta opposition has been just as busy. Across town, the AFL-CIO trade union grouping on Wednesday had its own products exhibit, but those were likely to be hurt by Nafta. The speakers were workers who had lost their jobs when their employers moved to Mexico.
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