Today President Obama signed off on three free trade agreements with South Korea (NYSE:EWY), Columbia, and Panama. The free trade agreements, which are the first of their kind for the Obama administration, are expected to raise American exports by billions of dollars, while also introducing tens of thousands of jobs.
Republicans and Democrats alike urged Obama in the finalization of the three deals, which were originally signed under the George W. Bush administration but re-examined by Obama’s administration in order to assure clean trading policies. Now that the agreements are made, the U.S. currently has free trade agreements with 20 countries, and looks forward to benefits from the three new alliances. The deal with South Korea alone is estimated to create over 70,000 jobs and increase exports by $10 billion, eliminating the current trade gap.
John Murphy, VP for international affairs for the U.S. Chamber of Commerce, said in a statement “this is a sunny week for optimism.”