AEM continues support of free trade agreements.
Press Release Summary:
Association of Equipment Manufacturers continues its support of bilateral trade agreements between US and important economic partners. Bilateral agreements open markets for off-road machinery manufacturers by eliminating most industrial equipment tariffs immediately and phasing out remaining tariffs over 10 years. AEM urges Congress to enact legislation approving recent agreements with Panama and South Korea as well as agreements signed with Peru and Colombia.
Original Press Release:
AEM Continues its Support of Free Trade Agreements
Equipment Manufacturers' Trade Group Cites Recent Panama, South Korea Accords
The Association of Equipment Manufacturers (AEM) continues its support of bilateral trade agreements between the United States and important economic partners, and it is pleased with the recent signings of free trade agreements (FTAs) with Panama and with South Korea.
These significant bilateral agreements will open markets for off-road machinery manufacturers by eliminating most industrial equipment tariffs immediately and phasing out the remaining tariffs over 10 years. High tariffs on industrial equipment have been a significant factor in keeping most smaller and medium sized enterprises out of these markets.
Additionally, Panama and South Korea will allow the sale of remanufactured goods with the implementation of the agreements.
The signings of the Panama and South Korea agreements are critical steps to promote growth in all countries involved and to put U.S. companies on a level playing field to better compete in these markets, noted AEM. According to the U.S. Trade Representative's office, FTAs implemented between 2001 and 2006 netted a $13 billion U.S. trade surplus with trade agreement partners last year.
AEM urges Congress to enact legislation approving these recent agreements with Panama and South Korea as well as agreements signed with Peru and Colombia, so American manufacturers can reap the benefits of these negotiations.
A longtime supporter of fair and free trade, AEM is the North American-based international trade group serving the off-road equipment manufacturing industry (agriculture, construction, forestry, mining and utility). For more information contact AEM's Ann-Marie Padgett (202-898-9064).
