The U.S. Chamber of Commerce welcomed today’s approval of the pending trade agreements with Korea, Colombia, and Panama in the “mock” markups held by the Senate Finance and House Ways and Means Committees.

After years of delay, today marks a decisive step toward approval of these vital agreements. We congratulate Chairmen Baucus and Camp for their hard work.

Unfortunately, America’s time out on trade is creating jobs — in other countries. The European Union-Korea Free Trade Agreement (FTA) entered into force last week, and the Canada-Colombia FTA will do so on August 15. While other nations clinch their own trade deals, American workers are left to compete with one hand tied behind their backs. We need to turn this around – now — by approving these trade agreements this month.

We also appreciate the bipartisan efforts to reach a reasonable compromise on the substance of legislation to renew Trade Adjustment Assistance. The resulting legislation is respectful of the difficult fiscal circumstances facing our country, and we believe it deserves support. The Chamber also supports renewal of the Andean Trade Preference Act and the Generalized System of Preferences.

It’s time to get this done.