Act fast to stop Bush-negotiated FREE TRADE AGREEMENTS!
Three so-called free trade agreements left over from the Bush Administration are on the verge of being brought to the floor of the House of Representatives. We urge you to ask your members of Congress to firmly oppose attempts to bring these three pacts to votes until egregious shortcomings are addressed in meaningful, enforceable terms.
While the Obama administration has negotiated some improvements, the agreements still do not meet acceptable standards. As a longtime advocate of fair trade, ADA stands with the Members of Congress, as well as labor and environmental leaders, who have spoken out strongly against perpetuation of wrong-headed trade policies.
Why we oppose the 3 FTAs :
South Korea agreement (KORUS):
Like NAFTA & CAFTA, all three pacts would allow foreign investors to bypass domestic courts and demand uncapped awards of money damages in their challenges of environmental and other public interest regulations.
More on Fair Trade
The Panama Trade Agreement
With 350,000 registered corporations, Panama is one of the top tax havens for companies that want to offshore and avoid paying taxes in the U.S. A Government Accountability Office study identified Panama as one of only a few countries – and our only current or prospective FTA trading partner – listed on all major tax-haven watchdog lists.
We do not need another trade deal that moves more of our companies overseas. The Senate Homeland Security Committee estimates that tax evasion in offshore havens costs our taxpayers $100 billion a year.
The TRADE Act
In the realm of trade policy, progressives have been limited largely to opposing bad trade legislation. However, that is no longer necessary. ADA urges the new Congress and Administration to enact the Trade Reform Accountability Development and Employment Act (TRADE Act), co-sponsored by Senator Sherrod Brown and Representative Michael Michaud. The TRADE Act redefines American trade policy to support fair trade principles, such as improving the living conditions of people in all nations, providing enforceable standards to protect workers and the environment, and adopting processes that are transparent and not subject to Presidential “fast track” authority.
Global Trade: Meeting Its Challenge, by Charles Craypo, Notre Dame Department of Economics