Trade agreements could mean billions to U.S.

Free trade agreements (FTAs) could boost U.S. exports and the nation's gross domestic product by billions, sixteen Senate Republicans argued in a letter to the White House on Tuesday. 

Led by Utah Sen. Orrin Hatch, lawmakers are pushing for completion of trade agreements with Korea, Panama and Colombia they say would "be the catalyst for significant economic growth and job creation in the United States," in the letter sent to President Barack Obama. 

A trade agreement with Korea would help the nation's economy grow by up to $11.9 billion, with exports growing from $9.7 billion to $10.9 billion in agriculture, machinery, electronics and transportation equipment, according to International Trade Commission figures cited by the lawmakers. 

Additionally, an agreement with Panama would boost GDP by $2.5 billion, the letter said. 

The group of 16 is asking the Obama administration to provide the three countries — Korea, Colombia and Panama — with a "well-defined and finite list" of outstanding issues, and provide a timeline to Congress for enactment of the free trade agreements, according to the letter.

"The choice is clear. In a time of diminished prosperity, it is in the United States' best interest to stimulate our economy by opening new foreign markets to our nation's products and services, creating countless jobs," the lawmakers said in the letter to Obama. 

Lawmakers were critical of Obama's slow movement on the FTAs despite his vocal support of their completion and his pledge to double exports within five years. 

"Every day that we fail to act on these trade agreements, American businesses, farmers and workers are losing out to our international competitors," Hatch said. 

In recent remarks to the Business Roundtable, Obama said he was committed to work out trade agreements with the three countries. 

"To those who would reflexively support every and any trade deal, I would say that our competitors have to play fair and our agreements have to be enforced," Obama said. 

"At the same time, to those who would reflexively oppose every trade agreement, they need to know that if America sits on the sidelines while other nations sign trade deals, we will lose the chance to create jobs on our shores."

The letter cites the reduction of the U.S. share in the Colombian yellow corn market, which has dropped by half because of Colombia's trade agreements with Brazil and Argentina. In addition, the European Union has moved forward, forging agreements with Panama and Korea. 

The other 15 GOP lawmakers include: Sens. Kit Bond (Mo.), Pat Roberts (Kan.), Bob Bennett (Utah), Mike Crapo (Idaho), Mike Enzi (Wyo.), Scott Brown (Mass.), James Inhofe (Okla.), Jon Kyl (Ariz.), Sam Brownback (Kan.), Jim Bunning (Ky.), Tom Coburn (Okla.), George LeMieux (Fla.), Roger Wicker (Miss.), John Cornyn (Texas) and John Ensign (Nev.).