| Trade Agreements with Peru, Colombia and Panama Matter to U.S. Business--and Vice Versa! |
The United States is the leading trading partner for Peru, Colombia, and Panama, and these fast-growing economies are important markets for U.S. companies. Consider the facts:
- U.S. exports to these countries grew by 25% between 2005 and 2006. Texas, Florida, and Lousiana each exported over $1 billion worth of goods to Peru, Colombia, and Panama in 2006. Texas exports alone topped $3 billion!
- Over 15,500 small and medium-sized U.S. companies are exporting to Peru, Colombia, and Panama, selling over $3 billion in 2006.
- In Panama, fully 5% of world trade--and 15% of U.S. trade--passes through the canal. If the U.S.-Panama trade agreement is approved, it will put U.S. firms on a level playing field to bid for contracts on the $5.25 billion expansion of the Panama Canal.
- As of 2005, U.S. firms had invested over $12.5 billion in Peru, Colombia, and Panama. In fact, U.S. companies have played a pivotal role in these countries' development for decades, providing vital investment for critical infrastructure ranging from railroads and ports to roads and telecommunications--and,
of course, the Panama Canal.
- In 2006, U.S. companies employed over 100,000 Peruvians directly and generated at least three times as many jobs indirectly. These companies pay wages that are triple the average in Peru's urban areas (and many times those in rural areas).
- Colombian exports to the United States supported an impressive 600,000 jobs in 2006! Similarly, Peruvian exports to the United States supported nearly a million jobs in 2006--three times the number a decade earlier.
- In Peru and Colombia, most of the jobs created by exports to the United States in recent years are outside the major cities, strengthening the economy in rural areas and helping to reverse decades of migration to the capital. Exports of specialty agricultural products have provided good jobs and independence for tens of thousands of women seeking employment.
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|  | |  | | Did you know?
| | | According to the American Farm Bureau Federation, the agreements with Peru and Colombia could increase U.S. farm exports by $1.4 billion per year by 2026. This includes items such as fruits, vegetables, tallow and other high-valued processed products.
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| | | | Overheard
| | | ''Eliminating trade barriers will consolidate and deepen economic and political ties; and FTAs, as two-way instruments, will open markets to U.S. goods, services, and investment.''
Source: ''Promote Andean Free Trade But Limit Preferences,'' by Ana Isabel Eiras, Center for International Trade and Economics and Stephen Johnson, The Heritage Foundation
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