Guest Viewpoint: How do international trade agreements affect local businesses?
As a native of Norwich and Chenango county who has had the opportunity to work in an international business market for many years, I would like to share my perspective on how free and fair trade impacts business and jobs in our area.
For many U.S. businesses, including GE Aviation’s Unison Norwich facility, future success will only be possible if American industries are able to compete globally. We have a great workforce, we are taking actions to be competitive and we are growing, but we need a level playing field.
When American companies and workers are given a fair chance to compete in foreign markets, we usually win. For example, later this year, GE Aviation’s Norwich facility will begin producing the electrical harness for the T700-701K engine for Samsung in South Korea. The problem is, there are quite a few barriers that U.S. companies face when they do business abroad, such as expensive tariffs, unclear laws and excessive red tape.
Fortunately, the White House and Congress are currently considering free trade agreements with South Korea, Colombia and Panama - three vital trading partners for the United States, which will open these markets for U.S. exports.
These agreements must be acted on now so that U.S. businesses can manufacture and export more goods and services, and ultimately employ more hardworking Americans.
Today, if a U.S. company wants to sell a product to South Korea or Colombia, it must pay an average tariff of 12 percent on that product before it hits shelves. In Panama, it’s 7 percent. But our most sophisticated competitors, including the European Union and Canada, aren’t paying these same tariffs because they already have free trade deals with some of these countries. The U.S. can no longer afford this handicap - particularly when our economy is still recovering.
South Korea and Colombia are growing twice as fast as the United States. Panama is growing three times as fast. If American businesses are going to compete, they must have better access to these and other fast growing global markets. Last year, these three markets alone supported close to $2 billion in revenues for GE. Free trade deals with these countries would yield even faster sales growth for GE and other U.S. companies.
Free trade agreements will not just improve our ability to compete globally, but they will also help create much-needed manufacturing jobs here in the U.S. The White House reports that every $1 billion of increased exports supports 6,000 jobs. A deal signed with South Korea alone is expected to support more than 70,000 jobs, boosting U.S. exports by up to $11 billion. What’s more, according to the U.S. Trade Representative’s office, the jobs supported by exported goods pay on average 13-18 percent more than the national average salary.
Such agreements won’t just help major corporations. More than 36,000 small- and medium-sized companies based in the U.S. conduct business in one or more of these markets every day, and free trade agreements would benefit each of these companies and their workers as well.
We have the world’s best companies and the world’s best employees, but 95 percent of consumers live outside the U.S. That’s why we need free trade agreements with South Korea, Colombia and Panama now. They have been in the works for years; we simply can’t delay them any longer.
Gary Cummings
Plant Leader GE Aviation
Unison - Norwich
For many U.S. businesses, including GE Aviation’s Unison Norwich facility, future success will only be possible if American industries are able to compete globally. We have a great workforce, we are taking actions to be competitive and we are growing, but we need a level playing field.
When American companies and workers are given a fair chance to compete in foreign markets, we usually win. For example, later this year, GE Aviation’s Norwich facility will begin producing the electrical harness for the T700-701K engine for Samsung in South Korea. The problem is, there are quite a few barriers that U.S. companies face when they do business abroad, such as expensive tariffs, unclear laws and excessive red tape.
Fortunately, the White House and Congress are currently considering free trade agreements with South Korea, Colombia and Panama - three vital trading partners for the United States, which will open these markets for U.S. exports.
These agreements must be acted on now so that U.S. businesses can manufacture and export more goods and services, and ultimately employ more hardworking Americans.
Today, if a U.S. company wants to sell a product to South Korea or Colombia, it must pay an average tariff of 12 percent on that product before it hits shelves. In Panama, it’s 7 percent. But our most sophisticated competitors, including the European Union and Canada, aren’t paying these same tariffs because they already have free trade deals with some of these countries. The U.S. can no longer afford this handicap - particularly when our economy is still recovering.
South Korea and Colombia are growing twice as fast as the United States. Panama is growing three times as fast. If American businesses are going to compete, they must have better access to these and other fast growing global markets. Last year, these three markets alone supported close to $2 billion in revenues for GE. Free trade deals with these countries would yield even faster sales growth for GE and other U.S. companies.
Free trade agreements will not just improve our ability to compete globally, but they will also help create much-needed manufacturing jobs here in the U.S. The White House reports that every $1 billion of increased exports supports 6,000 jobs. A deal signed with South Korea alone is expected to support more than 70,000 jobs, boosting U.S. exports by up to $11 billion. What’s more, according to the U.S. Trade Representative’s office, the jobs supported by exported goods pay on average 13-18 percent more than the national average salary.
Such agreements won’t just help major corporations. More than 36,000 small- and medium-sized companies based in the U.S. conduct business in one or more of these markets every day, and free trade agreements would benefit each of these companies and their workers as well.
We have the world’s best companies and the world’s best employees, but 95 percent of consumers live outside the U.S. That’s why we need free trade agreements with South Korea, Colombia and Panama now. They have been in the works for years; we simply can’t delay them any longer.
Gary Cummings
Plant Leader GE Aviation
Unison - Norwich
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