The trade agreements with South Korea, Colombia, and Panama 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.
- 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.
- Once the Colombian deal is enacted, the ITC estimates the U.S. will increase exports to Colombia by $1.1 billion and will increase U.S. GDP by $2.5 billion. The American agricultural industry will see their exports double with the passage of this agreement.
- 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, creating new export opportunities for American farmers and ranchers.
America continues to remain at a competitive advantage when it comes to international trade. Once again, ATR strongly supports passage of the South Korean, Colombian, and Panamanian trade agreements. Our nation’s economic growth depends on them.
ATR may rate votes on the three agreements in our annual Congressional ratings.