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Want to Grow U.S. Exports?
Here's the Seven Percent Solution
Spurring exports is a great way to boost economic growth and American jobs. In that vein, market-opening trade agreements may be the single best tool to accelerate U.S. exports.
Consider the simple fact that the United States today has free trade agreements with countries that represent a mere seven percent of the world economy. Remarkably, these countries purchase a whopping 43% of U.S. exports. In other words, trade agreements can make big markets out of even small economies -- and the recently negotiated trade agreements with Peru, Colombia, and Panama will surely do the same.
Look at the remarkable results from the U.S. trade agreement with another South American country, Chile:
- In the three years after the U.S.-Chile free trade agreement entered into force, U.S. exports to Chile rose by two-and-a-half fold, reaching $6.8 billion in 2006.
- Individual companies have seen even more impressive gains. Caterpillar, for instance, has seen U.S. exports to Chile triple for some of its product lines.
- Boosted by trade, Chile's per capita income rose by 83% over the same period, and unemployment fell from 8.1% in 2003 to 6% at the end of 2006.
Other recent trade agreements have borne similar fruits:
- Trade with Jordan has risen five-fold since the U.S.-Jordan Free Trade Agreement was signed in 2000, fostering the creation of tens of thousands of jobs in a country that is a close ally of the United States.
- The U.S. trade surplus with Singapore nearly quintupled over the first three years of implementation of the U.S.-Singapore Free Trade Agreement (2004-2006), reaching $6.9 billion last year.
- Implemented in January 2005, the free trade agreement with Australia helped boost U.S. exports down under by 25% in just 24 months.
The trade agreements with Peru, Colombia, and Panama promise the same kind of benefits for both parties.
Don't leave economic opportunity on the table,
support the Latin America Trade Promotion Agreements!
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|  | |  | | Did you know?
| | | More than 500 companies, associations, and chambers of commerce have called for Congressional approval of the trade agreements with Peru, Colombia, and Panama.
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| | | | Overheard
| | | '''It is now time for the United States Congress to act in the name of our countries' friendship and common goals.''
-Peruvian President Alan Garcia in a letter to House Speaker Nancy Pelosi
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