Free Trade Agreements

Since presidential Trade Promotion Authority (TPA) was restored in 2002 the United States has embarked on an unprecedented effort to open foreign markets to U.S. exports by expanding its network of free trade agreements (FTAs) with Israel and the North America Free Trade Agreement (NAFTA) from the 1980's and 1990's.

 

The U.S. Congress has approved free trade agreements with the following countries:

September 1, 1985...............................................Israel

January 1, 1989.....................................................Canada (C-USFTA)

January 1, 1994.....................................................Mexico (NAFTA, with Canada joining)

December 17, 2001..............................................Jordan

January 1, 2004.....................................................Chile

January 1, 2004.....................................................Singapore

January 1, 2005.....................................................Australia

January 1, 2006.....................................................Morocco

March 1, 2006........................................................El Salvador

April 1, 2006...........................................................Nicaragua

April 1, 2006...........................................................Honduras

July 1, 2006............................................................Guatemala

August 1, 2006......................................................Bahrain

March 1, 2007........................................................Dominican Republic

 

Costa Rica (has yet to ratify the agreement)

Oman

Peru

 

Pending Congressional Approval (with date negotiations were concluded)

 

Colombia (Feb. 27, 2006 – agreement signed)

Panama (Dec. 19, 2006 – agreement signed)

Republic of Korea (April 1, 2007 – agreement signed)

FTAs benefit U.S. businesses, workers, and consumers in significant ways. These agreements do much more to open foreign markets to U.S. exporters and investors than vice versa, because the U.S. marketplace is already one of the most open in the world. With the European Union joining East Asian and Latin American countries in negotiating dozens of FTAs, U.S. firms run the risk of being placed at a competitive disadvantage unless the United States moves forward aggressively with its own FTAs.

Nonetheless, it is critical that FTAs meet certain criteria if they are to maximize their potential for business opportunities, economic growth, and new jobs.