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“Free trade creates jobs, lowers the price of consumer goods, and adds billions of dollars to our economy. In fact, 42 percent of all U.S. jobs are connected to international trade and the International Trade Commission estimates the three agreements will increase US exports by $13 billion, adding $10 billion to our national GDP, and will create 250,000 jobs.
“Georgia will particularly benefit from these three free trade agreements. Since 1997, Georgia has increased our trade with South Korea 195 percent and a whopping 327 percent with Panama. That means more jobs and cheaper goods for Georgians. For those reasons, I supported all three free trade agreements.
“I did, however, have some concerns with the textile portions of the South Korea FTA. South Korea competes directly with the US textile industry in high-end textiles. In addition, I have grave concerns that Chinese manufactured goods will enter the US through South Korea, bypassing the current rules regarding Chinese goods. But no bill is perfect and at the end of the day these free trade agreements will help more than they will hurt. In fact, it is estimated the South Korea FTA alone would add 70,000 US jobs and would increase U.S. exports to South Korea by at least $9.7 billion,” stated Westmoreland.
Congressman Westmoreland expresses his concerns to Ways and Means Chairman Dave Camp (MI-04) about the negative impact the South Korea FTA will have on the textile industry. Click HERE for the video.