Trade Promotion Authority Essential for Prosperous Economy

By Adkerson, Richard | AZ Daily Star, March 18, 2015 | Go to article overview

Trade Promotion Authority Essential for Prosperous Economy


Adkerson, Richard, AZ Daily Star


Not long ago, businesses in Arizona, such as our large-scale operations of mining and those producing copper -- cornerstone contributor to the historical and future development and growth of Arizona -- were primarily dependent on the United States markets.

That has changed in a dramatic fashion.

More than 95 percent of the world's population and 80 percent of its purchasing power now reside outside the U.S. Trade has brought enormous benefits to the world and its citizens. Trade has allowed the U.S. and all nations to benefit from specialization and economies to produce goods and services with higher quality, and at lower cost. International trade has raised productivity, supported the global expansion of knowledge, fostered new technologies and enriched the range of choices and reduced costs for consumers.

In the United States, an estimated 1 in 5 jobs are supported by international trade. U.S. job growth from 2004-2013 was three times higher for trade-related jobs.

Trade agreements are critical to our ability to promote U.S. exports, economic growth and jobs, and to breaking down foreign barriers and establishing strong, enforceable trade rules to help American manufacturers, farmers and service providers sell more to global consumers.

In 2013, U.S. free-trade agreement partner countries purchased 12 times more goods per capita from the U.S. than non-FTA countries. Nearly half of all U.S. manufactured goods are exported to the 20 countries that have free trade agreements with the United States.

Arizona is a significant beneficiary of international trade, which supports an estimated 750,000 jobs in our state. These trade- related jobs grew 3.3 times faster than total employment from 2004 to 2013, at large and small companies, on farms, in factories and at the headquarters of Arizona's globally engaged firms.

Freeport-McMoRan's businesses, including our operations in Arizona, Colorado and New Mexico, are highly dependent on international trade and a strong global economy. …

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