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SIFMA today released the following statement from Kenneth E. Bentsen Jr., executive vice president, public policy and advocacy after the United States Senate and House of Representatives approved pending trade agreements with Panama, Colombia, and South Korea.
“We applaud Congress today for approving these pending trade agreements. As the U.S. and global economy navigate through a sustained period of weak economic growth, these trade agreements will provide a much needed stimulus to the American economy. Access to foreign markets and the ability to provide products on a global basis is critical to the continued success of the broader economy.
“These agreements also include significant provisions for financial services and set a new standard for open and fair markets in financial products and services. The liberalization and openness of financial services is central to advancing economic growth. As financial markets develop, they create long-term economic growth, stronger, more competitive financial institutions, and a more stable financial system. Open financial markets facilitate growth and development by substantially broadening the rage of vehicles for savings and investment and lowering the cost of capital for businesses and entrepreneurs.
“Approval of these agreements through Trade Promotion Authority will also allow American firms to compete on a level playing field with its competitors who have access to these markets, and reaffirms U.S. leadership in promoting open global trade and investment.”
