MercoPress. South Atlantic News Agency

US congress bipartisan support for trade agreements with Colombia, Korea and Panama

US is finally getting back in the game, says Chamber of Commerce President Donohue

United States industry leaders have welcomed words of encouragement from Republican congressional leaders that have given new hope for implementation of proposed US free trade agreements (FTA) with Korea, Colombia and Panama.

Applauding the submission of the pending trio agreements by President Barack Obama to Congress for a vote, US Chamber of Commerce President and CEO Thomas Donohue said, “America is finally getting back in the game,” adding, “these agreements are about creating jobs and ensuring a level playing field for trade.”

After the President forwarded the proposed pacts Monday night, Senate Republican leader Mitch McConnell said, “Submission of these long-delayed deals is welcome news to those Americans looking for work and to job creators who have waited too long for fair access to these foreign markets.”

Announcing his support, McConnell said, “I have long supported these three deals, which were originally negotiated during the last administration, and look forward to passing them through the Senate in short order.”

House Speaker Republican Rep. John Boehner also called the trade pacts top priority for the House. “We will quickly begin the required process to consider these bills and intend to vote on them consecutively,” he assured.

With the top Republicans throwing their support behind the trade pacts, US workers can heave a sigh of relief that they will compete on equal terms in global markets as Donohue noted, “America’s long timeout on trade has been creating jobs — in other countries.”

Citing a US Chamber study warning that delays on the pending trade agreements have put 380,000 American jobs at risk, Donohue said, “While other nations clinch their own trade deals, American workers have been left to compete with one hand tied behind their backs.”

The European Union, the biggest global trade bloc across the Atlantic, implemented its FTA with Korea on July 1 while Canada has had its FTA with Colombia running since Aug.15.

According to the US Chamber of Commerce, with the implementation of the EU-Korea FTA, Korea eliminated tariffs on more than 90% of EU goods, leading to increased sales and market share for European companies while the US market share has declined.

The delay in approving the trade pact with Colombia accounted for US farmers losing more than one billion dollars in sales, the Chamber claimed.