The U.S. House Ways and Means Committee on Wednesday advanced implementing legislation for free trade agreements with Colombia, South Korea and Panama.
“For too long, America has sat on the sidelines, losing ground to foreign competitors in nations that have already implemented trade agreements with these countries,” the committee said in a statement. “The time to act is now.”
Industry groups praised House Ways and Means for its action and urged Congress to ratify the agreements without delay.
“All three agreements will help to give our economy a needed boost, both in terms of job creation and increased exports,” said the Washington-based National Foreign Trade Council in a statement. “We look forward to a House floor vote and action in the Senate as soon as possible.”
The U.S. International Trade Commission estimates that implementation of the three pending trade agreements would increase U.S. exports by at least $13 billion and add at least $10 billion to the country’s Gross Domestic Product per year.
House committee advances FTAs
