The inability of Congress and the administration to move three stalled free trade agreements is hurting U.S. economic growth, testified American Farm Bureau Federation President Bob Stallman before the House Ways and Means Committee Tuesday. Combined, the Korea, Colombia and Panama agreements would add an additional $3 billion to the U.S. economy through agricultural trade. According to Stallman, once fully implemented, the Korea free trade agreement would trigger $1.8 billion annually in agriculture exports.
"The debate is no longer simply about generating potential export gains but about how to prevent the loss of existing export markets," Stallman said. "Inaction has proven to result in loss of market share and forfeiture of economic growth. AFBF is urging Congress and the administration to expedite consideration of the three free trade agreements."