Dow lauds US Congress for free trade agreements
Dow Chemical on Thursday congratulated the US House and Senate for passing the US-Colombia, South Korea and Panama Free Trade Agreements (FTAs).
Dow CEO Andrew Liveris issued the following statement:
“This is an historic step forward for the US and our economy, as America has now made great strides in re-establishing its commitment to open trade, global markets and leadership on high-standard trade agreements. We congratulate the entire Congress, particularly the House Ways & Means Committee and the Senate Finance Committee, for their stewardship and priority given to approve these job-creating agreements.”
The FTAs are a key element in an advanced manufacturing strategy that supports US corporate engagement in the global market while enabling companies to create jobs and sponsor new investments in America, according to Dow officials.
Last year, for instance, US companies sold $10.7 billion of manufactured goods to Colombia, but paid a staggering $1.5 billion in tariffs.
Not only does this tie up a significant amount of money that could be better spent here at home, but these high tariffs therefore unnecessarily and unfairly weaken demand by artificially raising the cost of US products, Dow says.
“We welcome the continued efforts of the Administration and Congress to re-establish the US as a major trade player,” said Liveris. “It is our expectation that these agreements be only the beginning of a new era of US leadership on trade.
“As a member of the President’s Export Council, I look forward to the continuation of our work with the US government to promote open markets for US exports, trade and investments.”
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