WASHINGTON--(BUSINESS WIRE)--Trade agreements with South Korea, Colombia and Panama would boost economic growth and job creation in New Jersey, the head of the business association of chief executive officers of leading U.S. companies said today.
John Engler, President of Business Roundtable, called on Congress and the Administration to enact pending free trade agreements with the three countries, calling the agreements a necessary step toward expanding job-creating exports.
“The South Korea, Colombia and Panama trade agreements mean jobs and a stronger economy for America. They will have a clear impact in New Jersey,” Engler said. “Congress needs to act now, on behalf of American businesses and workers, to increase market access and help ensure fairness in global trade.”
By strengthening business ties with these three markets, the United States can open new doors for increased export of American goods and services. In the 12th district, exports to South Korea directly support 1,037 jobs. At $164 million Colombia is New Jersey’s 30th largest export market. With the United States ranking as Panama’s largest trading partner, 88 percent of U.S. goods exported to Panama will be duty-free upon implementation of our agreement.
As exports grow, trade agreements with South Korea, Colombia and Panama will provide local businesses and farmers the opportunity to create even more jobs for New Jersey workers. For example, by making the export of precious metal jewelry duty-free to South Korea, New Jersey-made jewelry would cost $1,689,381 per year less than similar products from competitors without a free trade agreement. In addition, trade agreements with South Korea, Colombia and Panama will also support New Jersey’s economy through reduced costs for raw materials imported by New Jersey’s manufacturers.
“Enacting these trade pacts must be a top priority for our legislators – failure by the United States to implement the South Korea free trade agreement could result in nearly 400,000 lost jobs. Unemployment is stuck around 9 percent and additional job losses in New Jersey would set the state further back,” Engler said.
To learn more about how passage of the Colombia and South Korea free trade agreements will benefit each state, visit Business Roundtable’s interactive map featuring key statistics from across the country.
Business Roundtable (BRT) 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. Our companies pay more than $179 billion in dividends to shareholders.
BRT companies give nearly $9 billion a year in combined charitable contributions.
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