PRESS RELEASE For Immediate Release                                                                     ............................... Contact: John Goyer March 17, 2005                                                                       ................................. ............(202) 289-7460 x22 CSI Applauds Congressman Portman's Nomination as New USTR (Washington, DC) The Coalition of Service Industries (CSI) today announced its strong support for President Bush’s nomination of Congressman Robert J. Portman (R-OH) as the new United States Trade Representative (USTR). “At this critical time in bilateral, regional and multilateral trade negotiations, Congressman Portman’s nomination reaffirms the Bush administration’s commitment to furthering the United States trade agenda,” said Norman Sorensen, Chairman, CSI and President & CEO, Principal International. “His long-standing cooperation with Congressman Cardin on pension and retirement issues has demonstrated his ability to advance public policy issues on a bipartisan basis. This bipartisanship is necessary to advance pending trade legislation." Many challenges await the incoming USTR, particularly the services negotiations within the context of the Doha Development Agenda. CSI noted that many World Trade Organization (WTO) members have yet to submit initial services offers, which were due in March 2003, and those that have been submitted provide little new liberalization. "Congressman Portman should encourage all WTO members who have not tabled services offers to do so quickly, and urge those that have tabled offers to present revised and improved offers by the May 2005 deadline," Sorensen said. The U.S. services sector accounts for about 80 percent of GDP and continues to be the engine of job creation in the United States. Services account for 80 percent of U.S. private sector employment; between 1993 and 2003, services added 17 million new U.S. jobs, and of the 19.2 million new American jobs forecasted to be created by 2012, 90 percent will be in the services sector. Services accounted for $338 billion in U.S. exports last year, with a surplus of $48.5 billion. “We hope the Congressman Portman will call upon trade ministers to take advantage of the rare opportunity that the Doha Round represents for multilateral liberalization of services across the spectrum of service industries,” said Robert Vastine, President of CSI. “ We look forward to his swift confirmation in the Senate, and to working with him in the coming years." # # # # #