TechNet Urges U.S. Senate Approval of Key Trade Agreements

South Korea, Panama and Colombia Deals Will Help Boost U.S. Job Creation

WASHINGTON, June 29, 2011 /PRNewswire-USNewswire/ -- TechNet, the bipartisan policy and political network of technology CEOs that promotes the growth of the innovation economy, welcomes the announcement by Senate Finance Committee Chairman Baucus that mock mark-ups have been scheduled on the Columbia, Panama and South Korea trade agreements, bringing them one step closer to transmission to Congress for a vote.

"We applaud the Senate Finance Committee's action to move forward with the Columbia, Panama and South Korea Free Trade Agreements," said Rey Ramsey, President and CEO of TechNet. "Trade represents a key part of the lifeblood of our nation's innovation economy, as roughly 80 percent of our technology products are sold overseas.  These agreements will create American jobs by lowering trade barriers for both physical and digital U.S. goods, addressing e-commerce, providing intellectual property protection and ensuring regulatory fairness.  We urge the U.S. Senate to approve these critically important measures that will lift our economy and help create needed jobs here in America."  

Facts about Trade:

• The Obama Administration estimates the FTA with South Korea could result in 70,000 additional U.S. jobs, and increase goods exports by up to $11 billion.
• South Korea represented the 6th largest market for U.S. high-tech goods in 2010. The United States exported $9.7 billion in high-tech products to South Korea in 2010, up from $7 billion in 2009.
• The U.S. had more than $34 billion in two-way trade with Colombia and Panama in 2010. Despite facing high tariffs, U.S. exports to both countries have risen more than five-fold since 1990 and are expected to dramatically increase with the passage of the pending trade agreements
• Colombia and Panama are already two of Latin America's largest export markets for U.S. high-tech goods and services.  With more than 90 percent of imports from Panama and Colombia entering the United States duty free, passing the trade agreements with these two nations will level the playing field for U.S. high-tech companies

TechNet Global Competitiveness Working Group – TechNet has a number of working groups dedicated to promoting innovation broadly through specific issues areas. The TechNet Global Competitiveness Working Group recognizes that innovative companies rely more heavily than ever on overseas markets for their business.  Challenges to doing business overseas include protectionist trade policies, weak intellectual property protection, and lack of action domestically on free trade initiatives. This working group focuses on issues relating to tax policy, working capital, as well as other issues that affect the well-being of American innovation within the global economy.

About TechNet:
TechNet is the national, bipartisan network of CEOs that promotes the growth of technology industries and the economy by building long-term relationships between technology leaders and policymakers and by advocating a targeted policy agenda. TechNet's members represent more than one million employees in the fields of information technology, biotechnology, e-commerce and finance. TechNet has offices in Washington, D.C., Palo Alto, Sacramento, Seattle, Boston and Austin. Web address: www.technet.org. You can also follow us on Facebook and Twitter at @technetupdate.

SOURCE TechNet

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