CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. US Senators Call For FTAs' Ratification

US Senators Call For FTAs' Ratification

by Mike Godfrey, Tax-News.com, Washington

04 June 2010


United States Senator, Orrin Hatch and fifteen other Senators have sent a letter to President Obama requesting that he propose a specific timeline for the enactment of the long-delayed free trade agreements (FTAs) with South Korea, Colombia and Panama.

In the letter to the President, the Senators wrote: “It is in the United States’ best interest to stimulate our economy by opening new foreign markets to our nation’s products and services, creating countless jobs. Therefore, in order to reap the economic potential these FTAs offer, we respectfully request that your administration provide, on an expedited basis, to South Korea, Colombia and Panama a well-defined and finite list of those particular outstanding issues to be accomplished.”

Given its role in the approval process, the Senators also asked the President to “provide Congress with a proposed specific timeline for the enactment of these FTAs once those articulated matters are resolved.”

“Every day that we fail to act on these trade agreements, American businesses, farmers and workers are losing out to our international competitors,” said Hatch. “If the President is serious about doubling our nation’s exports over the next five years and confronting our near 10% unemployment rate then he needs to stop listening to big labour and take action on these trade accords.”

The Senators’ joint statement added that,: “Since taking office, President Obama has said he is committed to the passing of these FTAs. Despite completing negotiations over these trade agreements during the Bush administration, the Democratically-controlled Congress has refused to take up these agreements citing labour union concerns. As a result of its failure to act, US businesses are at a competitive disadvantage in these countries’ markets.”

TAGS: tax | free trade agreement (FTA) | law | tariffs | Colombia | agreements | legislation | Korea, South | United States | trade | Panama

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »