Today, Chairman Dave Camp (R-MI) released a report updating the analysis done by the Ways and Means and Agriculture Committees on May 10, 2010. This new report draws on a recently released report from the U.S. Department of Agriculture showing that the U.S.-Peru Trade Promotion Agreement has helped make Peru “the fastest growing market in South America for the United States.” Unfortunately, this success stands in stark contrast to the impact the delay in the Congressional consideration and implementation of the U.S.-Colombia Trade Promotion Agreement has had on U.S. exports. The May 10, 2010, report shows that the delay in implementing the Colombia Agreement contributed to a severe downturn in U.S. exports and warned that unless the Agreement is implemented, the situation would only get worse. U.S. farmers are in fact even worse off today as they continue to lose out on millions of dollars in exports.
In contrast, however, Americans are enjoying enormous success from the Peru Trade Agreement, which entered into effect two years ago. This success is powerful proof that implementing free trade agreements creates new markets, while letting such agreements languish allows our trading partners to prevent our farmers from entering new markets. As a result, the United States should act quickly to implement the pending agreement with Colombia and prevent the increasing likelihood of a tragic ending for American farmers.