ITC ISSUES REPORT ON IMPACT ON THE U.S. ECONOMY
OF FIVE TRADE AGREEMENTS ENACTED OVER THE LAST 25 YEARS
The U.S. International Trade Commission (ITC) has issued its report The Impact of Trade Agreements: Effect of the Tokyo Round, U.S.-Israel FTA, U.S.-Canada FTA, NAFTA, and the Uruguay Round on the U.S. Economy.
The ITC, an independent, nonpartisan, factfinding federal agency, completed the report as required by section 2111 of the Trade Act of 2002, reporting to the Committee on Ways and Means of the U.S. House of Representatives and the Committee on Finance of the U.S. Senate regarding the economic impact on the United States of the following trade agreements: the Tokyo Round of Multilateral Trade Negotiations, the United States-Israel Free Trade Agreement, the United States-Canada Free Trade Agreement, the North American Free Trade Agreement, and the Uruguay Round Agreements. The ITC submitted its report to the Committees on August 6, 2003.
Between 1974 and 2001, the value of U.S. exports and imports grew from $0.5 trillion to $2.5 trillion. The five trade agreements contributed to the growth in U.S. trade, but other sources of trade growth were probably at least as important as the trade agreements. Among the five agreements covered in the study, the greatest economic effects resulted from the multilateral Tokyo and Uruguay Round Agreements. Estimates of the direct effect of trade policy changes on trade growth attribute 15 percent to 25 percent of the historical increase in U.S. trade across all sectors to tariff reductions.
The Impact of Trade Agreements: Effect of the Tokyo Round, U.S.-Israel FTA, U.S.-Canada FTA, NAFTA, and the Uruguay Round on the U.S. Economy (Inv. No. TA-2111-1, USITC Publication 3621, August 2003) will be posted on the ITC's Internet site at www.usitc.gov. A CD-ROM or printed copy may be requested by calling 202-205-1809 or by writing to the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may also be faxed to 202-205-2104.