WASHINGTON, D.C. – Rep. Jeff Denham voted today in support of the long-delayed Columbia, Panama, and Korea Free Trade Agreements (FTA). These no-cost job-creating pacts will make it easier for American manufactures to sell their products abroad, in turn creating jobs California desperately needs. Exports from these agreements will directly support 440,705 jobs in California alone, his office said in a news release.
“Republicans have been advocating for these commonsense no-cost job-creation policies for years. These trade agreements are welcome legislation in the Valley where they will create thousands of jobs and promote local economic growth," Denham said in the release.
In March, Denham signed a letter with fellow freshmen members urging the President to move forward with these trade agreements to increase economic growth and create jobs in the United States.
What do the FTAs mean for California?
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More American exports, more economic growth, more jobs
· Exports directly support 440,705 jobs in California (23,436 of which are in the 19th District) in 1,724 companies. Once the FTAs become law, markets will open further, incentivizing local companies to grow and hire. (U.S. Chamber of Commerce, Accessed 10/11)
· Last year, our district exported over $6.3 billion worth of goods; exports to our current FTA partners made up $2.2 billion of that. In the state of California as a whole, businesses exported $135,613,193,850 worth of goods. (U.S. Chamber of Commerce)
· FTAs will directly aid small and medium businesses, the engines of California’s economy: 96% of California’s exporters are small businesses. (National Association of Manufacturers, Accessed 10/11)
· California has already benefited from free trade agreements. Since the FTA with Chile was signed in 2004, CA exports to Chile have grown by 272% (International Trade Administration, Accessed 10/11)
· By removing tariffs on American-made products, the FTAs will help California’s manufacturers. Manufacturing accounted for 87% of the state’s exports last year, and 24% of manufacturing jobs are dependent on exports. ( National Association of Manufacturers)
· California already exports $6 billion of goods to South Korea, the most in the US. The proposed FTA would eliminate 95% of tariffs of US exports of consumer and industrial products in 5 years and 65% of tariffs on US agricultural exports immediately, creating even more opportunities for California’s manufacturers and famers. (International Trade Administration)
· FTAs will help our national trade deficit. For the past three years, US manufacturers have a $70 billion trade surplus with our FTA partners, in contrast to the $1.3 trillion trade deficit in countries without an FTA (International Trade Administration, National Association of Manufacturers)