Free-Trade Pacts Sent To Congress

President Barack Obama formally submitted pending free-trade agreements with South Korea, Colombia, and Panama to Congress last week, saying the pacts will help create jobs by boosting U.S. exports. “We’ve worked hard to strengthen these agreements to get the best possible deal for American workers and businesses,” Obama said in a statement. The South Korea deal is considered the most economically significant trade pact for the U.S. since the North American Free Trade Agreement took effect in 1994. It is forecast to increase U.S. exports by as much as $10.9 billion per year, according to the International Trade Commission. “Korea is an important market for the U.S. research-based pharmaceutical companies,” says John J. Castellani, president and CEO of the Pharmaceutical Research & Manufacturers of America, a trade group representing the brand-name drug industry. “This agreement will contribute directly to increased U.S. exports and the expansion of highly skilled, well-paying jobs in the U.S.” The measures are expected to pass the House of Representatives by mid-October and then go to the Senate for consideration.