Approving a free trade agreement with Colombia will benefit the United States by helping the country reduce its huge budget deficit, said U.S. Rep. Adrian Smith, R-Neb.
“It will enable us to spend less in Colombia and replace our spending with commercial trade, allowing us to be able to shore that up and allowing us to have a sustainable relationship,” said Smith, who was in Grand Island on Friday.
Smith serves on the House Ways and Means Committee, which has jurisdiction over pending trade agreements. He said the committee continues to press for agreements with Colombia, Panama, and South Korea to be considered by July 1.
The 3rd District congressman returned to the U.S. from a visit to Colombia earlier this week.
Smith traveled to Colombia with five other members of the U.S. House as a bipartisan congressional delegation to discuss the pending U.S. Colombia trade agreement with government officials there.
He said traveling to Colombia signals “how important this pending agreement is to our nation’s economy, but even more specifically to Nebraska’s economy.”
“We have made significant progress toward ratifying the Colombian agreement, but now is not the time to slow down because each day we delay, Nebraska farmers and ranchers lose opportunities to international competitors,” Smith said.
As a member of the Ways and Means Committee, he said, an “eye-opener” regarding trade is in the field of financial services.
“It is really an eye-opener for me to interact with some of the financial services industry on how important trade is to their efforts,” he said.
But, Smith said, one of the biggest beneficiaries of increased foreign trade is Nebraska agriculture.
He said the U.S. Colombia agreement would eliminate or substantially lower tariffs on exports to Colombia, particularly agricultural products.
The American Farm Bureau estimates U.S. farm exports to Colombia could increase by more than $690 million annually with the passage of this agreement.
Historically, Smith said, Colombia has been the largest export market in Latin America for U.S. agricultural products.
“It has now fallen to second because of a sharp loss of market share following Colombia’s trade agreement with Argentina,” he said.
Smith said Nebraska’s 3rd District is the nation’s largest congressional district for commercial red meat production, with meatpacking plants such as JBS Swift in Grand Island.
He said the South Korean FTA would reduce the tariff on red meat from 40 percent to zero.
“That is good for South Korean consumers and it is good for Nebraska producers,” Smith said.
He said improved trade agreements, which allow greater access of U.S. beef products to countries such as Colombia, South Korea and Panama, could increase cattle prices as much as $10 per head.
Earlier this week, the Obama administration announced a deal to advance the Panama free trade agreement.
“Once implemented, the Panama FTA will level the playing field for U.S. farmers and ranchers by eliminating tariffs,” said American Farm Bureau Federation President Bob Stallman.
“It will enable us to spend less in Colombia and replace our spending with commercial trade, allowing us to be able to shore that up and allowing us to have a sustainable relationship,” said Smith, who was in Grand Island on Friday.
Smith serves on the House Ways and Means Committee, which has jurisdiction over pending trade agreements. He said the committee continues to press for agreements with Colombia, Panama, and South Korea to be considered by July 1.
The 3rd District congressman returned to the U.S. from a visit to Colombia earlier this week.
Smith traveled to Colombia with five other members of the U.S. House as a bipartisan congressional delegation to discuss the pending U.S. Colombia trade agreement with government officials there.
He said traveling to Colombia signals “how important this pending agreement is to our nation’s economy, but even more specifically to Nebraska’s economy.”
“We have made significant progress toward ratifying the Colombian agreement, but now is not the time to slow down because each day we delay, Nebraska farmers and ranchers lose opportunities to international competitors,” Smith said.
As a member of the Ways and Means Committee, he said, an “eye-opener” regarding trade is in the field of financial services.
“It is really an eye-opener for me to interact with some of the financial services industry on how important trade is to their efforts,” he said.
But, Smith said, one of the biggest beneficiaries of increased foreign trade is Nebraska agriculture.
He said the U.S. Colombia agreement would eliminate or substantially lower tariffs on exports to Colombia, particularly agricultural products.
The American Farm Bureau estimates U.S. farm exports to Colombia could increase by more than $690 million annually with the passage of this agreement.
Historically, Smith said, Colombia has been the largest export market in Latin America for U.S. agricultural products.
“It has now fallen to second because of a sharp loss of market share following Colombia’s trade agreement with Argentina,” he said.
Smith said Nebraska’s 3rd District is the nation’s largest congressional district for commercial red meat production, with meatpacking plants such as JBS Swift in Grand Island.
He said the South Korean FTA would reduce the tariff on red meat from 40 percent to zero.
“That is good for South Korean consumers and it is good for Nebraska producers,” Smith said.
He said improved trade agreements, which allow greater access of U.S. beef products to countries such as Colombia, South Korea and Panama, could increase cattle prices as much as $10 per head.
Earlier this week, the Obama administration announced a deal to advance the Panama free trade agreement.
“Once implemented, the Panama FTA will level the playing field for U.S. farmers and ranchers by eliminating tariffs,” said American Farm Bureau Federation President Bob Stallman.
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