Trade Pacts, TAA Reauthorization Signed by Obama

President Obama wasted no time signing the Colombia, Panama and South Korea free trade agreements into law October 21, and following that action he signed the Trade Assistance Authority (TAA) reauthorization legislation. Secretary of Agriculture Tom Vilsack declared the trade agreements “a major piece of President Obama’s jobs agenda,” the political spin the White House has put on the free trade pacts since the President embraced their ratification as part of his jobs bill.

The TAA law will reauthorize and expand federal assistance to U.S. workers whose hours or wages are negatively impacted by trade agreements, including retraining and health care cost assistance. “Farm exports help support 1 million American jobs,” Vilsack said. “This year and next, U.S. agricultural exports are on track to reach new highs, leading to a trade surplus of over $42 billion—eight times greater than five years ago. When implemented, these three agreements will increase farm exports by an additional $2.3 billion—supporting nearly 20,000 American jobs—by eliminating tariffs, removing barriers to trade and leveling the playing field for U.S. producers.” The three agreements were negotiated by the Bush Administration and have been stuck in the Senate for the last several years.

The Ohio Agribusiness Association (OABA) has been active in efforts to promote passage of the Colombia, Panama and South Korea free trade agreements and is pleased they have been passed. OABA believes they will bring tangible economic benefits for Ohio’s businesses and communities and increase the income of Ohio farmers and agribusinesses. OABA will monitor the implementation of the agreements and keep OABA members apprised of any further developments.