Expanding trade is one of the fastest routes to economic expansion, says James M. Roberts, a research fellow with the Heritage Foundation. U.S. Secretary of Commerce Carlos Gutierrez recently noted that in 2007, “U.S. exports…increased 12.7 per cent to $1.4 trillion, an all-time record. We’re on track to beat that this year with continued, double-digit growth.” Much of the growth in gross domestic product (GDP) was a result of free trade agreements that the United States has negotiated with 14 countries.
The following facts, compiled by the U.S. Department of Commerce, provide concrete examples of the benefits that FTAs have brought to Americans.
Since the United States began implementing its free trade agreement with Central American nations and the Dominican Republic (CAFTA-DR) last year, U.S. exports have grown by 13 per cent. This growth accelerated a trend:
As Congress considers a second round of economic stimulus measures, it needs to look no farther than the pending free trade agreements (FTAs) with Colombia, Panama, and South Korea, says Roberts. These agreements have been in limbo since congressional leaders delayed action on them last summer.
Source: James M. Roberts, Want More Economic Stimulus? Pass the Pending Free Trade Agreements! Heritage Foundation, WebMemo #1830, February 27, 2008.
For text: http://www.heritage.org/Research/TradeandForeignAid/wm1830.cfm
For more on Trade Issues: http://www.ncpa.org/sub/dpd/index.php?Article_Category=42
FMF Policy Bulletin/ 11 March 2008
