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The President Has Enacted New Free Trade Agreements That Are Benefitting American Farmers, Workers, And Small Business Owners
The President leveled the playing field for American workers by increasing the number of countries partnered with the U.S. on free trade agreements (FTAs) from three to 16. One additional agreement has been approved by Congress but is not yet in force and agreements with three countries are awaiting Congressional approval. Thanks in part to President Bush’s leadership on free trade, America’s exports now account for a larger percentage of our Gross Domestic Product than at any other time on record.
The United States currently has trade agreements in force with:
Overall goods and services exports have increased by more than 50 percent between 2000 and 2007 to a level that accounts for more than 13 percent of our GDP, greater than any time in history. Exports to the 11 trade partners with FTAs that went into effect between 2001 and 2007 grew more than 70 percent faster on average than U.S. exports to the rest of the world during the periods in which the FTAs were in effect. President Bush opened new markets for American farmers and ranchers, which helped create a record level of U.S. agricultural exports of $92.4 billion in 2007, up more than 70 percent since 2000. In addition, he ensured other countries abided by trade rules and won or settled 24 trade disputes brought by the United States to the World Trade Organization since 2001.
This Administration negotiated and signed a trade agreement that helped increase U.S. exports to Central America by nearly $8 billion from 2005 to 2008. U.S. exports to Central America dramatically increased following initial entry into force of the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR). CAFTA countries increased their annual goods exports to the U.S. from $14.7 billion in 2005 to an annualized $15.6 billion in 2008, an increase of 6.5 percent, which has supported jobs in the region.
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