Economy USA World

United States: three bilateral free-trade agreements

WASHINGTON – The free trade agreements with South Korea, Colombia and Panama was approved by the House of Representatives in the United States on Wednesday.

Bills will be immediately submitted to a vote of the Senate, as Congress hurried to complete the work on agreements that could reinvigorate the economy and provide jobs for Americans.

The Obama administration argues that these three agreements – by reducing or eliminating tariffs unfavorable to U.S. producers – have the potential to increase by 13 billion USD per year U.S. exports and more lead to the creation of tens of thousands of new jobs.

These votes occurred after the rejection by the Senate Republicans, the plan to create jobs for $ 447 billion of President Obama. These agreements have also been welcomed by lawmakers as evidence that Congress could work with the president to rebuild the U.S. economy.

The agreement signed with South Korea, the 13th world economy is the largest such agreement since the North American Free Trade Agreement (NAFTA), signed in 1994 with Canada and Mexico.

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