ABOUT THE TRADE PACTS

  • Updated: October 9, 2011 - 7:44 PM

ABOUT THE TRADE PACTS

If approved by Congress, trade deals between the United States and Panama, Colombia and South Korea are expected to benefit U.S. businesses in agriculture, medical devices and pharmaceuticals. U.S. companies that produce textiles, apparel, shoes and electronic equipment are expected to be exposed to greater foreign competition. A review of the three trade agreements:

SOUTH KOREA

Eliminates tariffs for nearly two-thirds of U.S. agricultural products entering South Korea. Eliminates tariffs on 95 percent of U.S. consumer and industrial products within five years. U.S. exports increase: $9.7 billion to $10.9 billion. South Korea exports increase: $6.4 billion to $6.9 billion.

COLOMBIA

Eliminates tariffs on 87 percent of U.S. consumer and industrial products (excluding petroleum) within five years. Provides new access for U.S. companies to Colombia's $134 billion services market. U.S. exports increase: $1.1 billion. Colombia exports increase: $487 million.

PANAMA

Eliminates tariffs on most computers, IT equipment and agricultural and construction products. Makes it easier for U.S. businesses to participate in the ongoing $5.25 billion Panama Canal expansion and an additional $5 billion in infrastructure projects that Panama will undertake by 2014. Specific export figures not available for Panama, but U.S. exports to Panama are expected to increase as much as 145 percent. Most of Panama's exports to the United States already enter duty free.

Source: International Trade Commission

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