Florida Chamber of Commerce: Anticipated Passage of Colombia, Panama, South Korea Free Trade Agreements
TO: Interested Media
FROM: Edie Ousley, Public Affairs Director
DATE: October 3, 2011
SUBJECT: Anticipated passage of Colombia, Panama, South Korea Free Trade Agreements
For your planning purposes, the Florida Chamber of Commerce and the Florida Chamber Foundation have a number of resources available related to trade and logistics and the pending Free Trade Agreements (FTAs).
Available from the Florida Chamber Foundation is the Trade and Logistics Study which, among other things, sites the following:
The Florida Chamber of Commerce has a played an active and vocal role in the passage of the three FTAs. The Florida Chamber believes this is a once-in-a-generation opportunity to transform Florida’s economy and become a global hub for trade. Additionally, it will play a leading role in the Florida Chamber’s efforts to double Florida-origin exports within five years, create more than 20,000 new jobs, and generate more than $1.5 billion in international trade opportunities for Florida.
Mark Wilson, President and CEO of the Florida Chamber of Commerce, said in an editorial published earlier this year:
“Florida is now facing a generational opportunity to fundamentally transform its economy by becoming a global hub for trade, logistics and export oriented manufacturing activities. With Florida’s increasing population growth, the widening of the Panama Canal and the resurgence of Latin American and Caribbean trade, the opportunities for Florida to become a global trade and logistics hub are significant.
Additionally, the Florida Chamber’s International Trade Committee has a number of resources available.
Finally, below are Florida-specific FAST FACTS:
COLUMBIA, PANAMA, AND SOUTH KOREA FREE TRADE AGREEMENTS
FAST FACTS
· Florida is the fourth-largest exporting state in the country. (U.S. International Trade Commission – USITC)
· A total of 38,210 companies exported from Florida locations in 2008. Of those, 96% were small- and medium-sized businesses with fewer than 500 employees. (International Trade Administration)
· Trade, logistics and distribution industries employed 570,000 Floridians in 2008, with an average wage nearly 30% higher than the average for all industries in the state. (Cited from Florida Trade and Logistics Study, December 2010)+
· Together, the pacts could boost US exports by $13 billion annually – the Korea pact alone is worth $11 billion. (Wall Street Journal, 10/3/11)
COLUMBIA
· Florida’s two-way trade with Colombia totaled $7.6 billion in 2010. (USITC)
· Florida is home to 5,500 companies that export to Colombia. (U.S. Colombia Ambassador Gabriel Silva Lujan)
· Exports of Florida origin goods to Colombia have increased by 173% since 2000. The vast majority of the goods were high value products (i.e. transportation equipment, aerospace products, medical devices, information technology and machinery).
· Florida stands to gain over $345 million in product exports to Colombia and $187 million in the export of services. (EFI)
PANAMA
· One-ninth of Panama’s entire world trade moves through Florida, while Panama accounts for only 2% of Florida’s total international trade representing a huge opportunity for growth. (EFI)
· The US stands to gain an estimated $2.8 billion in export trade from the FTAs. Florida, as the main gateway to the country, will garner a significant portion of this trade. (EFI)
SOUTH KOREA
· Opening South Korea would result in US access to a $1 trillion economy and a $560 billion service sector along with a unique opportunity for car manufacturers and agricultural sectors to enter and compete with previously protected markets.
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