(Filed Under Financial and General Interest News). Three long-stalled trade agreements with Colombia, Panama and South Korea have now been passed by Congress with the aim of increasing job opportunities and export revenue. The White House and U.S. International Trade Commission estimate the collective impact of the trade agreements could create more than 250,000 jobs for Americans and increase exports to more than $12 billion.
U.S. exports fell 0.7 percent to $177.6 billion in August, according to the U.S. Commerce Department’s last international trade report. However, since 2002, U.S. cotton exports to Colombia have more than quintupled, while fabric and yarn exports to Colombia have doubled. The exports are valued at nearly $300 million.
South Korea is the fourth largest market for finished apparel created in the U.S., the exports of which of have quintupled since 2000. In turn, South Korea is currently the 10th largest textile and finished apparel supplier to the United States.
South Korea’s National Assembly is reviewing the agreement, while the Colombian and Panamanian governments have officially ratified their respective trade deals. President Barack Obama is expected to sign the legislation.
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