Today, the House Ways & Means Committee Subcommittee on Trade, chaired by Rep. Kevin Brady (R-TX), held a hearing on the stalled Colombia free trade agreement, part of a series of hearings on job-creating trade agreements with Colombia, South Korea, and Panama. According to the independent U.S. International Trade Commission (ITC), implementing the agreement would increase U.S. exports by $1.1 billion and add $2.5 billion per year to U.S. GDP. As several witnesses at today’s hearing confirm, the increase in U.S. exports to Colombia would not only help grow our economy, but would also create thousands of much-needed jobs in the United States. Here’s what experts and job creators had to say about the economic impact of the Colombia free trade agreement:
William D. Marsh, Vice President, Legal, Western Hemisphere, Baker Hughes Incorporated: Eliminating Barriers to Trade in Colombia Will Increase Exports and Create Jobs. “Eliminating that duty would allow Baker Hughes to more effectively compete in Colombia, increase our exports to serve Colombia’s expanded plans for oil and gas projects, and create more highly-skilled jobs here at home.” (Testimony, 3/17/11)
Thomas C. Dorr, President & CEO, U.S. Grains Council: Failure to Implement the Colombia FTA is “Eroding U.S. Competitiveness” and Costing Jobs. “The benefits provided under the U.S.-Colombia FTA will eliminate the tariff constraints that are eroding the competitiveness of U.S. agricultural exports. The United States is already losing hundreds of millions of dollars in annual exports and this is compounded by the loss or non-creation of thousands of U.S. jobs. … Without removal of these trade constraints, the U.S. coarse grains producer will lose this market.” (Testimony, 3/17/11)
Ambassador Peter F. Romero, President & CEO, Experior Advisory LLC: Delayed Action on the Colombia FTA Benefits U.S. Competitors at the Expense of Thousands of U.S. Jobs. “In the last two years, while the US has failed to ratify the FTA, Colombia has concluded trade deals with our competitors, Canada, Chile and the European Union and deepened existing agreements with Argentina, Brazil, Paraguay and Uruguay. As a result, in the last two years US exports of agricultural products have fallen by almost half and our market share has gone from 71% to around 27%. Passing the FTA would stop the erosion of our market share and would create new opportunities for trade and investment in this market of 46 million consumers, the third largest market in Latin America, after Brazil and Mexico.Critically, it would generate thousands of jobs at home at a time of great need.” (Testimony, 3/17/11)
General Barry R. McCaffrey, USA (Retired), President, BR McCaffrey Associates, LLC: “Stalled FTA Has Been a Disaster for US Economic Interests.” “The stalled FTA has been a disaster for US economic interests. … Our market share of Colombia’s agricultural imports fell from 75% to under 25% in two years. What are we thinking of? The competitive entry of the EU and Canada into Korea and Colombia alone create conditions under which we risk losing 383,000 US jobs.” (Testimony, 3/17/11)
As Chairman Brady has made clear, our economy – and the 13.7 million unemployed Americans – simply cannot afford further delay on the three pending trade agreements:
“Failure to move forward with the U.S.-Colombia trade agreement is undermining U.S. influence and leadership in our own hemisphere and putting at risk both good U.S. jobs and the competitiveness of U.S. exporters. The United States cannot afford to sit on the sidelines while Colombia implements trade agreements with other major countries, putting American workers, farmers, ranchers, manufacturers, service providers, and other exporters at a competitive disadvantage. We need a concrete plan now from the Administration for moving forward with the Colombia agreement, to allow Congressional consideration of all three pending trade agreements by July 1.”
Republicans in both Houses of Congress have called on President Obama to move all three trade agreements by July 1, and have pledged bipartisan support to ensure their passage and help create new jobs America.
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