Trade agreements with South Korea, Colombia and Panama would boost economic growth and job creation in Southern California, the head of the business association of chief executive officers of leading U.S. companies said on July 14.
"The South Korea, Colombia and Panama trade agreements mean jobs and a stronger economy for America. They will have a positive economic impact in Southern California," said John Engler, president of Business Roundtable. "Congress needs to act now, on behalf of American businesses and workers, to increase market access and help ensure fairness in global trade."
The group points out that in California, exports to South Korea directly support 23,096 jobs. At $409 million, Colombia is Californias 34th largest export market. With the United States ranking as Panamas largest trading partner, 88% of U.S. goods exported to Panama will be duty-free upon implementation of our agreement.
By making the export of certain electronic products duty-free to South Korea, California-made electronic controls would cost $7,174,965 per year less than similar products from competitors without a trade agreement, the group says. In addition, U.S. trade agreements with South Korea, Colombia and Panama will also support Southern Californias economy through reduced costs for materials imported by Southern California's manufacturers.
"Enacting these trade pacts must be a top priority for our legislators passage of all three trade agreements will create an estimated 250,000 American jobs, but failure to pass the trade agreements could cost nearly 400,000 U.S. jobs. Unemployment is stuck around 9% and additional job losses in Southern California would set the state further back," Engler said.
To learn more about how passage of the Colombia and South Korea trade agreements will benefit each state, visit Business Roundtables interactive map featuring key statistics from across the country.
Business Roundtable is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development nearly half of all private U.S. R&D spending.