Obama Signs Free Trade Pacts
Obama Signs Free Trade Pacts
"My hope is today’s events will be the beginning of a renewed effort from the United States to engage in trade," says COA's Eric Farnsworth.
President Obama on Friday signed the nation’s largest free-trade agreement since NAFTA—and the first of his administration—with South Korea, Colombia and Panama.
“These trade agreements will significantly boost American exports, support tens of thousands of American jobs and protect labor rights, the environment and intellectual property,” the White House said in a statement.
The signing culminated a burst of bipartisan lawmaking, as congressional Republicans supplied the bulk of the votes earlier this month to get the long-stalled agreements to the president. Many in Mr. Obama’s own political base, notably labor unions, have been far more skeptical of the trade pacts...
...“This closes a very important chapter,” said Eric Farnsworth, vice president of Council of the Americas. “My hope is today’s events will be the beginning of a renewed effort from the United States to engage in trade.”
These trade agreements were originally negotiated under President George W. Bush in 2006 and 2007, but languished on Capitol Hill with Democrats in control of both chambers. Approval took even longer than the controversial NAFTA deal with Canada and Mexico to push through...
