Exporters are urging the Obama administration to break down more trade barriers after the president signed free trade pacts with Colombia, Panama and South Korean into law Friday.
The White House said the pacts will “support tens of thousands of American jobs and protect labor rights, the environment and intellectual property.” The agreements, which were stalled for about five years, are anticipated to increase exports by $13 billion.
The agreements will also make it easier to meet Obama’s goal of doubling U.S. exports by the end of 2014.
The next most likely market to open up to American exporters through the lifting of free trade barriers is in the Pacific Rim. The Obama administration is expected to announce headway in mid-November in striking an agreement with the Tran-Pacific Partnership, a nine-country group including Australia, Malaysia, Singapore and Vietnam.
“Ninety-five percent of the world’s consumers live outside the United States, so we need to negotiate more free trade agreements to expand manufactured goods exports,” said Jay Timmons, president of the National Association of Manufacturers.