Job-creating Free Trade Agreements Sat on
President’s Desk While Unemployment
Rose
President Obama, after allowing the free trade agreements to languish for three years,
formally submitted the pending accords with South Korea, Colombia, and Panama to
Congress this afternoon.
These agreements are vital to economic growth and job creation in the U.S. According
to the U.S. International Trade Commission, together the agreements will increase
exports by $13 billion, which by Obama’s own measurements could create more the
250,000 jobs.
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The U.S. International Trade Commission estimates passage of the US-Korea
free trade agreement would increase U.S. exports by over $10 billion and create
70,000 American jobs.
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Once the Colombian deal is enacted, the U.S. will have access to $4 billion in
new markets and the American agricultural industry will see an estimated $1.1
billion dollar overall increase in their exports alone.
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While more than ninety percent of imports from Panama are duty free, U.S.
products still face tariffs when entering Panama. The Panama FTA will
eliminate this trade barrier. Additionally, Panama is seeking to expand the
Panama Canal, a project that could bring American contractors $5.25 billion if
the U.S.-Panama Free Trade Agreement is enacted.
“I’m happy to finally see movement on the trade deals but it’s a disgrace that for
three years the President chose to pander to his protectionist union allies rather
than put the American economy and taxpayers first,” stated Grover Norquist,
president of Americans for Tax Reform, “The benefits of the trade deals present real
opportunities to boost economic growth and create jobs, just as they would have
three years ago at the height on the economic downturn.”