Smith: We Must Take Action on Pending Trade Agreements

WASHINGTON, DC - Congressman Adrian Smith (R-NE) today released the following statement after the House Committee on Ways and Means held a hearing on the pending trade agreements with Colombia, Panama, and South Korea. Smith, a member of the committee, has been a leader in the push to ratify the long-stalled trade agreements.

"Passing these pending trade agreements is absolutely necessary to create American jobs and boost economic growth by opening new markets for U.S. goods and services. We've left our exporters at a competitive disadvantage by delaying these agreements and are losing ground to our international competitors -- such as the European Union and Canada -- which have already concluded trade agreements of their own. The time to pass these trade agreements is now," Smith said.

The U.S. International Trade Commission, an independent agency, estimates implementation of the three pending trade agreements would increase U.S. exports by at least $13 billion and add $10 billion to the United States' GDP.

The American Farm Bureau estimates U.S. farm exports could increase by more than $690 million per year to Colombia, $195 million per year to Panama, and $1.8 billion per year to South Korea.