Press Release Summary:
NEMA welcomed President Barack Obama's signature that implemented legislation for free trade agreements (FTAs) with South Korea, Colombia, and Panama. Full implementation of each agreement translates to greater market access and associated commercial benefits for NEMA member companies. "These agreements need to be brought online as soon as possible in 2012," said NEMA President and CEO Evan R. Gaddis.
Original Press Release:
NEMA Welcomes President Obama's Signature of Free Trade Agreements with South Korea, Colombia, and Panama
ROSSLYN, Va.-The National Electrical Manufacturers Association (NEMA) welcomed signature today by President Barack Obama of implementing legislation for free trade agreements (FTAs) with South Korea, Colombia, and Panama. NEMA member companies are looking forward to full implementation of each agreement as soon as possible since each augurs greater market access and associated commercial benefits.
"These agreements need to be brought online as soon as possible in 2012," said NEMA President and CEO Evan R. Gaddis. "Many of our member companies are eager to export more equipment and services abroad. They will soon have preferential access to our newest free trade agreement partners in Asia and Latin America, thanks to the FTAs."
In 2010, U.S. electrical equipment and medical imaging equipment manufacturers exported more than $1.4 billion worth of goods to South Korea, Colombia, and Panama combined. Most customs tariffs on these goods will be dropped to zero immediately upon entry into force of the agreements; the rest will be eliminated progressively in the coming years. The agreements also provide greater protection for intellectual property rights and open the countries' markets for government procurement as well as energy, environmental, engineering, and maintenance/repair services.
NEMA is the association of electrical equipment manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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