United States-Panama Trade Promotion Agreement Implementation Act
Floor Speech
Mr. CUELLAR. By leveling the playing field with 21st century trade deals with Panama, Colombia, and South Korea, we will increase American exports abroad and spur domestic job creation. Now, more than ever, the U.S. needs trade to fuel growth, create jobs, and preserve America's position as a leader of the greater economy.
I represent a border region of Texas where trade is part of daily life. I understand the importance of trade to my hometown's value in supporting the local economy. As the chairman of the Pro-Trade Caucus and representing a trade-centric district, I support all three pending trade agreements.
Today, trade supports over 50 million American jobs, according to the U.S. Department of the Treasury. These pending FTAs would create an additional quarter of a million new jobs in industries like manufacturing, agriculture, and service sectors, according to the U.S. Chamber of Commerce. Last week, The Wall Street Journal reported the FTAs could boost U.S. exports by $13 billion annually. To grow, we must be an export powerhouse.
The U.S.-Panama FTA would remove barriers to American goods entering into Panama. According to the U.S. Trade Representative, over 87 percent of U.S. exports of consumer and industrial products to Panama will become duty-free immediately, with the remaining tariffs phased out over the following 10 years.
The U.S. International Trade Commission estimates passage of the U.S.-Korea Free Trade Agreement would increase U.S. exports by over $10 billion and create 70,000 jobs. According to the National Association of Manufacturers, the U.S. exports to Korea would grow by more than one-third. The U.S.-Colombia FTA would expand exports by more than $1.1 billion with the tariff reductions, according to the International Trade Commission. Without the U.S.-Colombia FTA, the U.S. cotton exporters to Colombia will have unnecessarily paid over $14 million in tariffs.
Lawmakers have a choice. Pass the deals or allow America to lose the opportunity to emerge in the constantly growing global market. Pass the deals or miss the chance to create 250,000 jobs. Pass the deals or allow American businesses to sit on the sidelines while foreign countries forge ahead.
America must pass the Colombia, Korea, and Panama trade deals, or we will fall behind.
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