Trade Agreements by the Numbers: Creating Jobs and Economic Opportunity for America
The trade agreements with Colombia, Panama, and South Korea will create economic opportunities for American businesses, farmers, investors and workers. According to the nonpartisan International Trade Commission, these three trade pacts will likely increase U.S. exports by over $12 billion and grow the U.S. economy by more than $14 billion. Furthermore, these trade agreements will collectively create more than 250,000 American jobs, according to the White House.
Here is what the implementation of these pacts mean for America, by the numbers:
U.S.-COLOMBIA TRADE PREFERENCE AGREEMENT (CTPA)
• $1.1 Billion – The amount American exports to Colombia will increase, according to the U.S. International Trade Commission
• 80 Percent – The amount of U.S. exports of consumer and industrial products that will enter Colombia duty-free, immediately
U.S.-PANAMA TRADE PROMOTION AGREEMENT (PTPA)
• 87 Percent – The amount of U.S. goods that will enter Panama duty-free, immediately
• $20.6 Billion – The size of Panama’s service market – which American service firms are now guaranteed full access.
• 56 Percent – The amount of U.S. agricultural products that will receive immediate duty-free treatment into Panama. This includes frozen turkeys, soybeans, peanuts, wheat, among others
U.S. -South Korea Free Trade Agreement (KORUS)
• 8th largest – Korea is the United States 8th largest trading partner, and has an economy over $1 trillion
• $10 billion – The number, tariff cuts alone, will increase American exports to South Korea, according to the International Trade Commission
• 95 percent – KORUS eliminates tariffs on over 95 percent of industrial and consumer goods within five years
• 70,000 – The number of American jobs KORUS will create, according to the White House.
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