11 September 2007

U.S. launches plan to revive fast-trade pacts

This article is extracted from the 10 September 2007 edition of “The Journal of Commerce”.

Despite the recent expiration of presidential fast-track authority, key members of President Bush’s Cabinet joined Sen. Chuck Grassley on Monday at a trade rally on Capitol Hill to launch the administration’s new effort to pass bilateral trade agreements with Peru, Panama and Colombia.

The administration also launched an interagency Web site, http://www.tradeagreements.gov, to provide the public with the latest information on America’s trade agreements. The site is a joint effort of the Departments of Agriculture, Commerce, State, Treasury and the U.S. Trade Representative….

The Department of Agriculture forecasts a record $79 billion in agricultural exports this year. During a visit last week to El Salvador and Guatemala, Agriculture Secretary Mike Johanns emphasized the value of free trade agreements to the U.S. economy.

U.S. exports under the Central America Dominican Republic Free Trade Agreement increased by 19 percent in 2006, despite delays and the failure of Costa Rica to ratify the agreement.

Johanns also announced that USDA will lead a trade mission to Central America in 2008. Each of the pending agreements with Peru, Panama and Colombia would provide immediate duty-free access for more than half of the current U.S. farm exports. Although current access for U.S. agricultural exports to these countries ranges from little to no duty-free entrance, more than 99 percent of agricultural products from these countries already enter the U.S. market duty free.