Government & Politics

WASHINGTON, April 10 /PRNewswire-HISPANIC PR WIRE/ -- The United States Hispanic Chamber of Commerce (USHCC) reaffirms its commitment to the Colombia Trade Agreement, a bill that President George W. Bush sent to Congress on Monday. As the largest advocate for the Hispanic business community, a group particularly hard hit by the current economic downturn, the USHCC urges Congress to approve the trade agreement.

"This trade agreement is of vital interest to securing our nation's long-term economic and diplomatic strength in the Western Hemisphere, particularly now, as we continue to experience the effects of a fragile economy," said David C. Lizárraga, USHCC Chairman of the Board. "The Colombia Free Trade Agreement will have a positive impact on hemispheric relations and will open doors of trade for small businesses, thus promoting economic growth."

Currently, almost all of Colombian exports enter the U.S. duty-free. The deal, if Congress approves, would eliminate tariffs on more than 80% of U.S. exports of industrial and consumer goods. Non-agricultural exports currently receive a 35% tariff, while agricultural exports face even higher numbers. Ultimately, the U.S. economy would see much-needed growth through the lowering of tariffs and increase of capital investments, making our country more competitive in the global market.

"On behalf of the Hispanic business community, the USHCC is honored to have hosted President Bush at our recent USHCC Legislative Conference, where he spoke on why this agreement is essential for our national security and economic interests," said Augustine Martinez, USHCC President and CEO. "Speaking for the third time at our Conference, President Bush dedicated his 2008 appearance to promoting trade with Colombia, one of our strongest allies in the Western Hemisphere."

This trade agreement is also crucial to reclaiming American diplomatic influence in Latin America. Three years after passage of a trade agreement with Chile, their per capita income rose by 83% over this same period, and unemployment fell from 8.1% in 2003 to 6% at the end of 2006.

"It is through trade and economic development that Latin American countries will generate employment, ameliorate poverty, stabilize migration, increase wealth, and strengthen the democratic institutions through which our countries can be better allies," concluded Chairman Lizárraga. "The USHCC encourages Congress to pass the agreement. While it should not be contingent on trade adjustment assistance, the USHCC also urges both Congress and the Administration to pass the expansion of Trade Adjustment Assistance. We urge both Congress and the Administration to resolve their differences, respect protocols, and find common ground to avoid politicizing this worthwhile agreement."

About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of more than 2.5 million Hispanic-owned businesses in the United States, which earn more than $388 billion annually. It also serves as the umbrella organization for 200 local Hispanic chambers in the United States, Puerto Rico, Canada, Mexico, Bolivia and Uruguay.