FOR IMMEDIATE RELEASE                                      CONTACT: Jen Scungio
October 3, 2011                                                                       (202) 457-8759
 

FORUM CEO APPLAUDS MOVEMENT ON KOREA, COLOMBIA, PANAMA FREE TRADE AGREEMENTS

WASHINGTON, D.C. – Financial Services Forum President and CEO Rob Nichols released the following statement on the White House’s announcement that it sent the implementation language of the three pending free trade agreements with Korea, Colombia and Panama to Congress today:

“The Financial Services Forum applauds the Administration’s move to send the long-awaited pending free trade agreements with Korea, Colombia, and Panama to Congress for final approval.  As our economic recovery continues, expanded trade with these countries is vital for U.S. growth and job creation.

Ratification of the three FTAs is especially critical for the financial services industry.  The Korea FTA would eliminate tariffs on over 95 percent of industrial and consumer goods within three years, providing U.S. manufacturers and service providers virtually unfettered access to the world’s 12th largest economy.  The International Trade Commission estimates that the tariff reductions in the Colombia Free Trade agreement will expand U.S. exports by more than $1.1 billion, and passage of the Panama Free Trade Agreement would give the United States access to Panama’s $20.6 billion services market. 

To preserve America’s leadership position and promote continued economic growth, the Forum urges members of Congress to work together to pass the pending free trade agreements as soon as possible.  All three offer significant opportunities for American businesses and workers.”

The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 20 of the largest and most diversified financial services institutions doing business in the United States. The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.

Follow the Forum on Twitter: http://twitter.com/fsforum 

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