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Strengthening the U.S. Economy by Strengthening Trade Relationships

October 7, 2011

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Greg Bell is a writer in the Intenrational Trade Adminsitraiton’s Office of Public Affairs.

“Products stamped with the words ‘Made in America’ are still in demand around the globe.  We must seize these opportunities.”

That’s what Under Secretary for Commerce, Francisco Sánchez, wrote in an op-ed that appeared in today’s Miami Herald.  In it, he stressed the important role that exports play in strengthening the economy and supporting jobs for American workers.  In fact, for every billion in goods exported abroad, more than 5500 jobs are supported here at home.

Sánchez’s opinion piece comes on the heels of President Obama’s announcement earlier this week that he has sent three pending trade agreements to Congress for approval.  If ratified, the agreements – with South Korea, Colombia and Panama – would support tens of thousands more jobs, and increase the U.S. GDP by billions of dollars.

The agreements would also have a huge impact on the South Florida economy.  Sánchez writes that “as a native Floridian, I know how important trade is to the state. Take a look at the most recent numbers: In 2008, nearly 40,000 companies exported goods from Florida locations; 96 percent of these businesses were small and medium-sized enterprises, the very companies that serve as the backbone of our middle class … I expect these numbers to grow as our trade increases, especially throughout the Western Hemisphere.”

The full article is available at The Miami Herald.