FOR IMMEDIATE RELEASE                            CONTACT: Jen Scungio

October 13, 2011                                                          (202) 457-8759

FORUM CEO COMMENDS FINAL APPROVAL OF KOREA, COLOMBIA, PANAMA FREE TRADE AGREEMENTS

WASHINGTON, D.C. – Financial Services Forum President and CEO Rob Nichols released the following statement on the final approval of the three free trade agreements with Korea, Colombia, and Panama by Congress:

“The Financial Services Forum commends the ratification of the Korea, Colombia, and Panama Free Trade Agreements (FTAs), as each agreement brings significant benefits to American workers, businesses, consumers, and the U.S. economy.  Revitalizing America’s trade agenda is an essential part of our economic recovery, and the approval of the FTAs will move us closer towards doubling our exports.  More fundamentally, active engagement with the global economy through trade is critical to spurring growth, maintaining America’s competitive edge, and putting Americans back to work at a time when it is needed most.

“Implementation of the three FTAs is a positive step toward leveling the playing field and ensuring that the United States remains competitive in the global marketplace. The Korea FTA is especially vital for the financial services industry as the agreement will eliminate tariffs on over 95 percent of industrial and consumer goods within three years, providing U.S. producers and manufactures virtually unfettered access to the world’s 12th largest economy. 

“The Forum also applauds the bipartisanship with which these trade deals were passed. Accelerating economic growth and creating American jobs by opening foreign markets and expanding exports are priorities both Democrats and Republicans should embrace.” 

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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