Top 10 Overlooked Facts About Trade
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Let’s start with the good news. Today, after long and laborious negotiations, the US-Colombia Free Trade Agreement (FTA) became reality. The first shipments—of both imports and exports—were shipped early this morning. Everyone from farmers, manufacturers, shipping lines, investors, and small businesses are expected to benefit. Colombia's first export to the United States under the agreement was a shipment of 4200 boxes of flowers.
The International Trade Commission estimates that the agreement will increase U.S. GDP by nearly $2.5 billion and U.S. merchandise exports by $1.1 billion. Needless to say, this will result in new American jobs. Overall, international trade currently supports 38 million American jobs. Click here to see the specific numbers in your state.
Progress duly noted, let’s talk about the fact that of the 100 separate trade agreements that are being negotiated around the globe, the United States is currently involved in only one. When did America become a benchwarmer? More than 95% of the world’s consumers live outside our borders and their demand for American goods and services is growing every day. Now, more than ever, there are countless reasons for us to be more proactive on trade. Following are the top 10:
Flowers and celebratory handshakes are great; however, let’s not lose perspective. America needs a kick in the pants when it comes to trade. For the sake of jobs and growth, we’ve got to get back in the game.