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Wednesday, March 16, 2005
Chamber Praises Cuellar’s Support for Trade Deal
Central American Trade Agreement Wins Over Texas Democrat
WASHINGTON, D.C. – The United States Chamber of Commerce welcomed the support of Texas Congressman Henry Cuellar for the new trade agreement with Central America and the Dominican Republic known as DR-CAFTA.
“Congressman Cuellar is showing real vision by backing DR-CAFTA,” said the U.S. Chamber’s President and CEO Thomas J. Donohue. “By setting aside partisan concerns, he is stepping up as a national leader on an important economic issue.”
Cuellar represents Texas’ 28th District, which includes San Antonio and Laredo. The San Antonio Free Trade Alliance, the San Antonio Hispanic Chamber of Commerce, and the Laredo Chamber of Commerce also welcomed Cuellar’s support for DR-CAFTA.
A recent U.S. Chamber study concluded a trade agreement with the six countries included in the trade agreement – which form Texas’ twelfth largest market and accounted for $1.7 billion in exports last year – would increase sales by Texas companies and create thousands of jobs across the Lone Star State:
- In its first year in force, the agreement would generate $683 million in new sales and $134 million in new earnings for workers in Texas. It would also create over 3,000 new jobs.
- Nine years after implementation, DR-CAFTA would boost sales by Texas companies by over $3.6 billion. The agreement would also raise Texas workers’ earnings by $718 million and create more than 17,000 new jobs in the state.
The agreement will level the playing field for U.S. exporters to the region, eliminating tariffs on over 80 percent of U.S. exports immediately. It will also open markets for U.S. service providers and create a framework of rules and regulations that will provide greater certainty for Texas companies doing business in the region.
The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.
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