FOR IMMEDIATE RELEASE                                            CONTACT: Jen Scungio 

October 21, 2011                                                                (202) 457-8759

FORUM CEO PRAISES SIGNING OF KOREA, COLOMBIA, PANAMA FREE TRADE AGREEMENTS

WASHINGTON, D.C. – Financial Services Forum President and CEO Rob Nichols released the following statement upon the signing of the three free trade agreements with Korea, Colombia, and Panama, and the Trade Adjustment Assistance Extension by President Obama today:

“The Financial Services Forum commends the signing of the Korea, Colombia, and Panama Free Trade Agreements (FTAs) by President Obama this morning.  The long-awaited signing of the agreements represents a victory for American businesses, workers, and consumers.  With the enactment of these trade agreements, U.S. businesses will now have greater access to previously untouched markets, thus enhancing our global competitiveness while also offering opportunities to stimulate new job growth here in America.  For the financial services industry, the three FTAs allow for improved market access into Korea, Colombia, and Panama for U.S. financial services firms.  In particular, the Korea FTA will open Korea’s $580 billion services market and will eliminate tariffs on over 95 percent of industrial and consumer goods within three years.

“The Forum commends the work of policymakers in reaching agreements on the Korea, Colombia, and Panama FTAs. Reenergizing America’s trade agenda through the FTAs is one vital way to spur economic growth and job creation during the continued U.S. economic recovery.” 

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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