The Board of the Directors of the Economic Club of Minnesota instituted the Champion of Free Trade Award in 2014. In 2015, to honor the late congressman, the award was renamed the Bill Frenzel Champion of Free Trade Award. This is the only national award for contributions to expanding free trade.

The award recognizes national and international leaders who have made significant contributions to the expansion of international trade. The award highlights the importance of free trade for global prosperity and security.

The award was first presented in Washington, D.C. on January 28, 2014, to former Congressman Bill Frenzel in conjunction with the Economic Club of Minnesota’s celebration of the 20th Anniversary of the North American Free Trade Agreement (NAFTA). During his time in Congress, Bill Frenzel was a member of the House Ways and Means Committee and its trade subcommittee. Congressman Frenzel was also a congressional representative to the General Agreement on Tariffs and Trade (GATT) in Geneva for fifteen years. In 1993, he served as Special Advisor on Trade to President Clinton and was instrumental in securing passage of the authority the President needed to conclude NAFTA.

The Economic Club of Minnesota convenes a Champion of Free Trade Advisory Panel of respected trade negotiators, scholars, and business leaders to select the award recipients.