Martha Roby: “I come to the floor today to talk about the need to pass the three free trade agreements that we will be voting on…”

“I come to the floor today to talk about the need to pass the three free trade agreements that we will be voting on today. These agreements will mean more export opportunities, access to raw materials at a lower cost for American manufacturing, and make American companies and farmers more competitive in additional markets where they currently face high tariffs. Free trade agreements result in jobs and profits for American businesses. In 2010, the Second District of Alabama saw 4,927 jobs directly supported by exports. Of the $2 billion in total merchandise exports, $769.4 million was to free trade agreement partners. The Korea, Colombia, and Panama free trade agreements will open up opportunities for businesses all over the Nation, including those in my home State of Alabama. In regards to the Korea free trade and what it means to Alabama, in 2009 Alabama did $300 million in exports to Korea, making Korea the 11th largest export market for Alabama. According to the Business Roundtable, the agreement that we will be voting on today will make more than half of Alabama merchandise exports to Korea be duty free. The immediate tariff eliminations in this bill gives Alabama exports a $3.1 million cost advantage over similar products exported by competitors who do not have free trade agreements with Korea. Additionally, agriculture in Alabama will benefit from the Korea free trade agreement. Currently, U.S. agricultural products face tariffs up to 500 percent in South Korea.…”