Free Trade Agreements: Helping U. S. Businesses Export
A Proactive Trade Policy Grows the U. S. Economy • • The U. S. is already the most open major economy in the world but we must knock down barriers to our goods and services abroad Reducing trade barriers will give our farmers, workers and service providers better access to the 95% of the world’s customers living outside our borders Trade liberalization raises productivity and real wages while expanding consumer choice and purchasing power In 2005, the U. S. goods and services accounted for 10. 4% of its GDP. Goods and services exports also accounted for 20% of overall growth in the U. S. economy in 2005 Benefits by Sector: Manufacturing – Manufactured exports have increased 82% since the end of the last multilateral round a decade ago. • Manufacturing exports support an estimated 7. 4 million jobs in the U. S. (estimate for 2001), including 1 in 5 manufacturing jobs • U. S. jobs supported by goods exports pay an estimated 13% to 18% more than the U. S. national average. Agriculture – Exports account for 27% of farm income Services – U. S. had a $56 billion surplus in 2005 on exports totaling $379 billion, and these exports have nearly doubled in the past 11 years.
Trade Opportunities • Removing all remaining barriers to trade in services would amount to an estimated $520 billion for the U. S. ($7, 000 for family of 4) - University of Michigan • Removing all remaining tariff barriers in manufacturing and agriculture would amount to an estimated $16 billion for the U. S. ($220 for family of 4) - The World Bank • Removing all remaining non-tariff barriers in manufactured goods and agriculture would far outweigh the gains from tariff liberalization alone and would amount to an estimated $297 billion for the U. S. ($4, 000 for family of 4) - Scott Bradford, Institute of International Economics
Benefits of Free and Fair Trade • First half of 2005, U. S. exports accounted for 30% of overall growth in the U. S. economy. (Department of Commerce ) • U. S. annual incomes are $1 trillion higher, or $9, 000 per household, due to increased trade liberalization since 1945. (Institute for International Economics Study) • Elimination of global trade barriers could lift 300500 million of the world’s poor out of poverty over the next 15 years. (World Bank/Institute for International Economics Study)
Non-Tariff Barriers and Trade “…opening international markets to our goods and services is critical for our economy. My Administration will continue to work tirelessly to open markets and knock down barriers to free and fair trade so American farmers and workers can compete on a level playing field worldwide. ” - 2006 Economic Report of the President Different Types of Non-Tariff Barriers (NTBs) Trade Facilitation (w/out customs) Customs Regulatory Environment IPR Protection and Piracy Sanitary and Phytosanitary Measures Services Investment Gov’t Procurement Standards National Treatment
U. S. Free Trade Agreement Partners in the Global Economy Notes: World Gross Domestic Product excludes the GDP value for the United States. GDP percentage shares are based on GDP figures on a Purchasing Power Parity (PPP) basis. Export figures are for U. S. Total Exports. FTA Countries include all countries with Free Trade Agreements Effective through 2005 (Australia, Canada, Chile, Israel, Jordan, Mexico, and Singapore). Source: International Monetary Fund, World Economic Outlook Database, September 2005 and the Trade Policy Information System (TPIS), U. S. Department of Commerce.
Trade and the U. S. Economy Exports of goods and services are only a small • U. S. part of the U. S. economy… Export Growth with Recent FTA …But still worth almost $900 billion a year in 2005
Trade and the U. S. Economy A third of our exports go to only two countries. Canada and Mexico
FTAs = Increased Exports FTAs Also: Ø Promote our Overall Agenda of Spreading Economic and Political Freedom Ø Strengthen Support for our Position in WTO (Doha) Talks Ø Help Resolve Bilateral Trade Disputes * Jordan, Chile, Singapore and Australia
U. S. Export Growth with Recent FTA Partners Chile $5. 2 billion or 91% (2005) Singapore $20. 6 billion or 25% (2005) Australia $15. 8 billion or 11% (2005) Jordan $643 million or 90% (2005)
What MAC Does • Casework – Helping U. S. Firms Export • Trade Policy Development • Analysis of Trade Trends • Support Trade Negotiations • Country and Issue Experts for the Administration
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