ITC ISSUES STUDY ON IMPACT OF FREE TRADE AGREEMENTS
SIGNED UNDER TRADE PROMOTION AUTHORITY
The U.S. International Trade Commission (ITC) today released the results of its investigation on the impact of three trade agreements signed since 2002 under trade promotion authority (also known as "fast track authority").
The investigation, The Impact of Trade Agreements Implemented Under Trade Promotion Authority, is required by the Trade Act of 2002. The ITC, an independent, nonpartisan, factfinding federal agency, reviewed and analyzed the economic impact on the United States of the U.S.-Chile Free Trade Agreement, the U.S.-Singapore Free Trade Agreement, and the U.S.- Australia Free Trade Agreement. The ITC submitted the report to Congress on June 1, 2005.
The ITC found that the three agreements will collectively have very little effect on the U.S. economy overall, though trade in some sectors (notably meat products and textiles and apparel) will increase substantially. However, the ITC reported that even in these sectors, the change is small relative to U.S. trade with the world and to U.S. output.
The Impact of Trade Agreements Implemented Under Trade Promotion Authority (Inv. No. TA-2103-1, USITC Publication No. 3780, June 2005) will be posted in the Publications section of the ITC Internet site at www.usitc.gov. CD-ROM and printed copies may be requested by calling 202-205-1809 or by writing the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may also be made by fax to 202-205-2104.