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Congress Passes 3 Free Trade Agreements

Nov 01, 2011

Congress recently approved free trade agreements with South Korea, Colombia, and Panama – agreements that have been debated for several years. The White House estimates that the three trade pacts could boost U.S. exports by $13 billion and support tens of thousands of American jobs. The agreement with South Korea, the world’s 13th largest economy, was the biggest such deal since the North American Free Trade Agreement with Mexico and Canada in 1994. The bi-partisan support of the agreements gives the industry hope that elected officials in Washington are able to work together to improve the U.S. economy. While the agreements themselves benefit auto manufacturers most directly, any efforts to improve consumer confidence and speed up the country’s economic recovery will benefit dealerships in every neighborhood in the long run.