Bush Administration Pushes FTAs as Part of...

October 30, 2008

30 October 2008

Bush Administration Pushes FTAs as Part of Potential Economic Stimulus Package

The following is excerpted from the 30 October 2008 edition of “WorldTrade Interactive”.

As congressional leaders move closer to holding a post-election session to address the faltering domestic economy, the White House is urging that any economic stimulus package include legislation to implement free trade agreements with Colombia, Panama and South Korea. The Department of Commerce and the Office of the U.S. Trade Representative have recently posted to their Web sites information highlighting the benefits of trade and how these FTAs in particular would boost economic growth.

A DOC fact sheet notes that from January to August 2008 U.S. exports of goods and services jumped 18 percent to $1.3 trillion, “a huge economic stimulus that kept America growing despite the effects of the domestic housing market.” Net exports contributed 2.9 percentage points to total GDP growth in the second quarter of 2008, the DOC states, and are the main reason the U.S. economy had positive growth in the first half of the year.

FTAs are having a positive effect on the economy as well, according to the fact sheet. The U.S. has a $10.3 billion trade surplus with its 14 FTA partners. From January through August of this year the U.S. manufactured goods trade balance improved 158 percent with these countries but only 7 percent with non-FTA partners….


Topic(s): 
World Economy & Politics
Information Source: 
Canadian News Channel / International News Channel
Document Type: 
Email Article