Estimated Impact of the U.S. Trade Agreements with Colombia, Panama and South Korea for U.S. Merchandise Exports

September 2008

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Abstract

KEY FINDING: The trade agreements with Colombia, Panama and South Korea are projected to boost U.S. merchandise exports to those markets by $42.6 billion per year within five years of entry into force.

What Are the New Trade Agreements? Since Congress restored Trade Promotion Authority in 2002, the United States has entered into new free trade agreements with 10 countries (Chile, Singapore, Australia, Morocco, El Salvador, Honduras, Nicaragua, Guatemala, Bahrain, and the Dominican Republic). The pending trade agreements with Colombia, Panama, and South Korea are comprehensive, high-standard agreements that will open markets bilaterally; in many respects, they are similar to these earlier agreements.