On April 9, Speaker of the House Nancy Pelosi announced her intention to change the rules governing "fast track" consideration for the proposed Colombia Free Trade Agreement in the House of Representatives. This would in all likelihood kill the agreement, since it is improbable that a vote would then be taken within the 90-day period under which the pact was negotiated.
As residents of a community that has enjoyed the fruits of increased international trade, we must urge Speaker Nancy Pelosi and members of the Congress to reconsider any action to amend the fast track process that will inevitably negate a vote on the Colombia FTA.
The city of Laredo,Texas, processes approximately 40% of all the goods that are traded overland between the U.S and Mexico annually. In 2007 the value of cargo that crossed over Laredo’s bridges totaled $110.5 billion. Without a doubt, this movement of cargo, while profitable for our import/export industry, generates thousands of jobs across the state of Texas and other states of the union.
The leadership of the Laredo Chamber of Commerce (with membership of over 750 businesses) is fully cognizant of the impact that international trade can have on a community and our country as a whole. It is for this reason that communities like Laredo ought to be committed to ensuring that new markets are secured for U.S.goods and services. If we are to compete with others in a global market, then this must be done on a level playing field. Trade agreements like the proposed Colombia FTA are certain to do that.
Most importantly, it should be noted that today approximately 9,000 U.S.companies export their products to Colombia. 85% of those are small and medium-sized companies. As part of a community with population of 235,000 in South Texas, which for years struggled with double-digit unemployment, the Laredo Chamber of Commerce is keenly aware of the opportunities available to small companies when trade tariffs are reduced and the opportunity for increased profit margins open.
This agreement is a vital to our continued effort to knock down barriers for U.S. exports.
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