Getting our economy back to work via free trade - Naperville Sun

Posted on June 10, 2010

There is a lot of speculation and hesitation about whether the economic recovery is sustainable. Domestic consumption will not, and cannot, bring us out of the current economic condition. That is why the business community is starting to echo President Obama's ambitious goal of doubling American exports in the next five years.

About 73 percent of the world's purchasing power rests outside America. To achieve the president's goal of growing exports, we must have the goods produced by American workers compete at a competitive price across the globe. America has been, and will continue to be, the largest exporter in the world. One of every three acres of farmland is planted for export, and one in four factory jobs rely on global trade.
 
In the State of the Union and again in April, President Obama called direct attention to the need to implement free-trade agreements with South Korea, Panama and Colombia. For these three countries, the FTAs are written and the deals are waiting to be called for a ratification vote by congressional leaders.
 
It is estimated that the United States will loose more than 380,000 jobs if our government fails to implement our pending trade agreements with Colombia, Panama and South Korea, and other countries move in with more price-competitive exports. This fact isn't just posturing; while the agreements dither in Washington, the European Union and Canada are moving ahead and have implemented or are negotiating their own agreements with these countries.
 
Last week, a group of 16 senators wrote the administration asking that the White House provide "a well-defined and finite list" of concerns that must be addressed by our potential trade partners.
 
We encourage you to engage in this discussion and contact your officials in Congress, including Sen. Dick Durbin, and ask that they call the pending free-trade agreements for a vote. The Senate has announced an ambitious summer schedule and, unfortunately, execution of the stalled FTAs wasn't on the list.
 
Free-trade agreements are a budget-neutral policy that will help American farmers and factories compete in the global economy and provide economic growth. Before passing another large government "jobs program," Congress should execute these agreements and unlock our nation's economic potential. There is no reason that Washington's backroom politics should continue to delay implementation of these agreements.
 
The delay in executing these three agreements has made American goods less price-competitive and hurt American workers. The time has come, and our congressional officials must act.
 
John Schmitt is President & CEO of the Naperville Area Chamber of Commerce, he can be reached at (630) 544-3370.