Wednesday, August 17, 2022
Hawai'i Free Press

Current Articles | Archives

Monday, October 10, 2011
Obama Sends South Korea Free Trade Agreement to Congress
By Heritage Foundation @ 3:43 PM :: 8559 Views :: Energy, Environment, National News, Ethics, World News, Family

Free Trade Agreements are a Win for Prosperity

www.Heritage.org

Free trade agreements (FTAs) have economically benefited nations the world over since their inception. Poverty rates in countries with low trade barriers are significantly lower, and data in The Heritage Foundation's Index of Economic Freedom demonstrate that free trade also leads to higher incomes, more jobs, and greater equality.

That's why it's vitally important to quickly enact the three pending U.S. trade agreements with Colombia, Panama, and South Korea. These FTAs have been sitting on the President's desk since 2007 for no good reason. President Obama has finally made them a priority by sending them to Congress last Monday night.

House Speaker John Boehner (R-OH) endorsed the bills, and it is past time to put them through--especially considering the opportunities already lost in the four-year stall. So far, Washington's inaction on trade has given other countries the upper hand, delivering new jobs and exports overseas and eliminating such prospects for American workers who desperately need them.

In Korea, the U.S. has lost $40 billion in exports, leaving U.S. businesses at a major disadvantage against EU competitors. Heritage's Bruce Klingner writes, "At a time of economic malaise, a cost-free jobs stimulus initiative is exactly what the United States needs." The FTAs are exactly that.

Regarding Panama, Heritage analyst Ray Walser notes, "Enactment of the FTA will remove the 7-15 percent tariff anchor holding back U.S. trade with Panama." His Heritage colleague Bryan Riley adds that U.S. farmers need the Colombia agreement to compete with exports from Canada, which already has an FTA with Colombia.

Our latest rankings of trade freedom worldwide demonstrate that FTAs generate a more prosperous livelihood for every country that participates in them--so they are critical to the successful sustainability of some nations. For America, they are necessary for keeping up with a competitive world economy. The reasons for moving forward are many.

America is a global leader in trade, and passing these agreements swiftly will enhance that position, demonstrating the benefits of utilizing free trade to bolster local economies and create jobs.

The U.S. isn't exactly a model of economic prosperity at the moment--and the world audience is keenly aware. Unfortunately, the President needlessly waited to move on these important bills while instead prioritizing a failed $787 billion stimulus, which caused the U.S. economy to plummet even deeper into severe debt.

President Obama should understand that the best way for America to stay competitive and benefit within the world market is to remain committed to advancing free trade at every opportunity. We need to take every step we can to begin running that debt clock in the other direction.

The FTAs have recently been held up by disagreements over the expansion of the Trade Adjustment Assistance program, a policy created to provide benefits and services to workers who supposedly become displaced by free trade. The best way to help workers is by embracing policies like free trade that encourage private-sector growth and create new jobs, not by increasing government spending.

In fact, the U.S. International Trade Commission predicts that these three agreements will increase U.S. exports and gross domestic product (GDP) by $12 billion a year. For a country that's over $14 trillion in debt, that sounds like a heck of a deal to take.

As Congress considers these important FTAs in the coming days, they should refer to the 2012 Index of Economic Freedom, which demonstrates that people in the United States and around the world gain prosperity and equality when their governments allow them to trade freely.

---30---

FEATURED POSTS

QUICK HITS

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Life Alliance

Hawaii March for Life

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT