News & Policies >
For Immediate Release
Office of the Press Secretary
September 20, 2008
Fact Sheet: Strengthening American Prosperity Through Trade
President Bush Hosts Colombian President Uribe And Urges Congress To Approve Pending Free Trade Agreements As U.S. Exports Reach Record Levels
We need to work together to open up markets for American goods. Exports account for a greater share of America's gross domestic product than at any time in our history. It is not too late for Congress to approve free trade agreements with strong allies like Colombia, Panama, and South Korea so that we can create more opportunities for American farmers, ranchers, and entrepreneurs.
President George W. Bush, 8/30/08
The sooner we get approval, the sooner we are going to get much more investment in Colombia. Growing investment is the best alternative to illegal drugs, and never forget: illegal drugs are the nutrition of terrorists in our country.
Colombian President Alvaro Uribe, 9/19/08
Today, President and Mrs. Bush are hosting President Alvaro Uribe of Colombia. Colombia is a strategic ally of the United States, and this visit underscores the deep friendship and extensive cooperation between the United States and Colombia. The two leaders will discuss a range of issues, including their shared commitments to the U.S.-Colombia FTA, reducing violence, and increasing peace and security in Colombia and democracy throughout the region.
President Bush submitted legislation to implement the Colombia FTA to Congress for approval in April 2008, but House Speaker Nancy Pelosi has refused to allow it to come to a vote. Passage of legislation to implement the FTA would demonstrate U.S. support for an important ally and help cement the gains made by President Uribe, who has worked closely with the United States to accommodate concerns, including revising the FTA to include rigorous labor and environmental protections.
Failure to approve this agreement is hurting American workers, farmers, and business owners. Colombia is currently our third-largest trading partner in South America, and its potential to purchase American goods and services is growing. Last year, Colombia's economy experienced its highest growth rate in nearly three decades. Unemployment and poverty in Colombia are at their lowest levels in a decade.
Congress needs to open markets for American farmers, workers, and entrepreneurs by approving all three pending trade agreements with Colombia, Panama, and South Korea. When these three agreements are approved and implemented, nearly all tariffs and other trade barriers on American goods and services exports will be eliminated in these markets.
Consumers Around The World Continue To Seek Out American Products, As Evidenced By Record-High Exports
Yesterday, President Bush met with the President's Export Council to discuss the crucial contributions of trade to the American economy. Last year, the U.S. exported a record $1.6 trillion in goods and services to countries around the world, and in the past four quarters, trade has accounted for more than half of the growth in the U.S. economy. For the first half of 2008, the United States exported $926 billion worth of goods and services, 18 percent higher than the same period in 2007. The growth in exports has helped to strengthen the American economy.
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