According to today’s Financial Times, Boeing is urging Congress to pass languishing free trade agreements with Colombia and South Korea.
Jim McNerney, Chief Executive of Boeing, noted that the US economy is still “fragile” and said “We need to borrow less, save more, become more efficient and competitive and bring our exports back in line with our imports. Opening up and expanding new markets is paramount,” in his speech to the Chicago Council on Global Affairs.
As chairman of President Barack Obama’s export council, Mr McNerney has been tasked with leading industry’s side of a campaign to double US exports within five years – an effort that the White House projects will create two million US jobs. Boeing is the world’s second-largest aircraft-maker and one of the US’s biggest exporting companies.
McNerney also added, “The Obama administration, in my view, is not moving fast enough. I would encourage them to move faster on … free trade agreements with Korea, Colombia and Panama.”
Although the US signed trade agreements with South Colombia, South Korea, and Panama in 2006 and 2007, Congress has failed to approve the agreements. Companies are looking to President Obama to get the ball rolling again to pass these agreements into effect.
Specifically, McNerney believes Korea and Colombia to be new markets where European corporations (Ahem, Airbus perhaps?) were able to export under a lower-tariff regime than US Companies.
Read more at: “Boeing urges faster action on trade deals” in the Financial Times.