Original Press Release
NAM President Says Colombia Trade Agreement Will Provide Added Stimulus For U.S. Economy
Press release date: May 8, 2008
Value of Exports to Colombia for Every U.S. Manufacturing Worker Is $672
WASHINGTON, D.C., May 8, 2008 - The U.S.-Colombia Trade Agreement is worth more than $600 annually for every manufacturing worker in America, and immediate passage of the agreement would add strong stimulus to the U.S. economy, said John Engler, President and Chief Executive Officer of the National Association of Manufacturers (NAM).
"U.S. manufactured goods exports to Colombia are running at an annualized rate of $9.2 billion this year -- a 26 percent increase over 2007," noted Engler. "The value of U.S. manufactured exports to Colombia for each of the 13.5 million manufacturing workers in the United States who make these goods is $672 annually - more than many of the stimulus checks mailed out this month.
"Just think how much higher this figure could be if we leveled the playing field and removed the average 14 percent tariff on those manufacturing exports by passing the Colombia trade agreement," said Engler. "If Congress is looking for an easy way to provide additional stimulus to the U.S. economy without having to worry about how to pay for it or how to distribute it, they can pass the U.S.-Colombia trade agreement and watch the benefits flow to the working men and women of America. That's economic stimulus.
"In the current economic climate, U.S. manufacturing exports are truly one of the bright spots," noted Engler. "For the last 4 quarters, manufactured goods exports have contributed 50 percent of our total economic growth. Trade agreements, like this one with Colombia, will further increase our exports and lead to further economic growth, helping America to fight the current downturn."
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
CONTACT: HANK COX (202) 637-3090