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| Fact Sheet Bureau of Western Hemisphere Affairs Washington, DC September 24, 2008 Increasing Trade and Development Cooperation in the AmericasPresident Bush Joins Western Hemisphere FTA Partner Leaders to Launch an Initiative to Ensure that the Benefits of Trade are Broadly Shared Throughout Our Societies "Today our countries are launching the Pathways to Prosperity in the Americas Initiative to continue this progress. This initiative will provide a forum where leaders can work to ensure that the benefits of trade are broadly shared. It will deepen the connections among regional markets. It will expand our cooperation on development issues. This is a very promising initiative, and I expect positive results when our representatives meet on these issues later this year."– President George W. Bush, 9/24/08 Today, President Bush met with Western Hemisphere FTA partner leaders to launch the Pathways to Prosperity in the Americas initiative. This initiative will increase cooperation among a like-minded group of countries committed to advancing democracy and to ensuring that the benefits of free trade and open investment are more broadly shared throughout our societies. Pathways will:
 Expanding Trade and Investment Strengthens Our Economy and Enhances Prosperity The growth in exports has helped to strengthen the American economy. Last year, the U.S. exported a record $1.6 trillion in goods and services to countries around the world, and in the past four quarters, trade has accounted for more than half of the growth in the U.S. economy. For the first half of 2008, the United States exported $926 billion worth of goods and services, 18 percent higher than the same period in 2007. The U.S. trade surplus has grown more than five-fold with countries that have become FTA partners under President Bush. When President Bush took office, the U.S. had FTAs in force with three countries; today, the U.S. has agreements in force with 14 countries as well as three approved by Congress but not yet in force. Exports have increased with every country with which the United States has an FTA. With all the countries with which the United States has implemented FTAs during the Bush Administration, the trade surplus has grown from $3.8 billion in 2000 to $21 billion in 2007. The President Calls on Congress to Help Keep Our Economy Growing by Passing Important Pending Free Trade Agreements with Colombia, Panama, and South Korea More than 90 percent of Colombian imports enter our country duty-free, but the 10,000 U.S. businesses exporting to Colombia – including 8,000 small and mid-sized businesses – face tariffs of up to 35 percent. Once the FTA is fully implemented, Colombia will phase out tariffs on all U.S. exports. Leveling the playing field will make it easier to sell American products in Colombia and support higher-paying jobs in the United States. Panama is one of the fastest growing economies in Central America. Panama is a hub of global trade and growing market for American goods and services. The FTA will provide fair and transparent opportunities for American firms to compete in the $5.25 billion Panama Canal expansion project. Refusing to open markets to trade would be a mistake for the United States. A retreat from opening markets would: hurt the millions of Americans employed by companies that export goods and services; provide our competitors the opportunity to gain an advantage through the negotiation of FTAs that exclude the United States; and drive up prices for American families and reduce product choices. The Administration Will Continue Working to Advance the WTO Doha Round of Multilateral Trade Negotiations to Break Down Trade Barriers at the Global Level The U.S. is leading the effort to achieve a breakthrough in the Doha Round. A Doha agreement would open markets for American goods, crops, and services, create new opportunities for developed and developing nations, and lift millions from poverty. The Administration Is Also Helping Workers Adapt to the 21st Century Marketplace, Learn New Skills and Find New Jobs President Bush has consistently called on Congress to reauthorize Trade Adjustment Assistance (TAA) to help workers obtain the training they need to transition into a new career. The President believes the Federal government has a role to play in helping workers displaced by trade. In addition to providing billions of dollars annually through the workforce investment system, the Administration has provided more than $1 billion in new initiatives to educate and prepare American workers for jobs of the 21st century. Released September 2008 |
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