Spent a fair amount of time yesterday speaking to the nice people in North Carolina about the benefits of free trade agreements. Remember that 90% of the manufacturing trade deficit is with countries with which we have no trade agreement. Trade agreements lower barriers to entry of US-made goods. They’re a good deal for US manufacturers and workers (Lou Dobbs, are you listening….?)
On Monday, the government announced that the Untied States has just completed a trade agreement with Oman. (It’s in the Middle east, for you geography-averse readers). It’s a small market, but it’s another important step toward a Middle East Free Trade Agreement (MEFTA). Ultimately, the Middle East could be our 5th largest export market and this is a good move in that direction.
Furthermore, with trade comes economic development and stability in a region that needs stability. This is all good news for Oman and the other countries in that region, and for the US and our manufacturers who will now send their goods into yet another market.
Here’s a link to our press release applauding the Oman FTA.
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