Press Releases

Congressman Larry Bucshon (IN-08) released the following statement regarding the three pending Free Trade Agreements (FTAs) with Columbia, Panama, and South Korea.

Congressman Bucshon (IN-08) states:

“It is imperative that these pending trade agreements be implemented immediately to open new markets for Hoosier exports.  More exports mean more jobs.  Passing the Free Trade Agreements is a bipartisan solution to strengthen our nation’s struggling economy and weak job market by opening foreign markets to American goods and services.  Indiana farmers and manufacturers will no longer face high tariffs on goods exported to these countries allowing them to compete fairly in the marketplace.  If we’ve learned anything about American goods, it’s that when we are allowed to compete on a fair playing field, we win.”

Background:

According to the U.S. Chamber of Commerce, Hoosier businesses in the 8th Congressional District exported more than $2.6 billion in merchandise with only $1.2 billion going to FTA partners during 2010.  In addition, more than 6,000 jobs are directly supported by exports.

In terms of agriculture, the Indiana Farm Bureau reported the three agreements are expected to increase direct exports from Indiana alone by $54.7 million per year.  With the opening of new markets and an increase in exports, Indiana farmers have the potential to add nearly 500 jobs.

In a study by the Business Roundtable, there are more than 760,000 jobs linked to trade in Indiana with exports exceeding $26 billion, ranking the state 14th in the United States.

In the state of Indiana, total employment related to manufacturing exports was 233,600 in 2008 according to the National Association of Manufacturers.  In addition, manufactured goods exported grew 73 percent from 2003 to 2010.

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