In stealth succession on Wednesday evening, both the House and Senate approved three so-called free trade agreements with South Korea, Panama, and Colombia. The Obama administration claims that the three pacts will boost exports by $13 billion and result in the creation of tens of thousands of American jobs.
Speaking on the occasion, Obama urged lawmakers to approve the trade deals as they were critical to building open, free, transparent, and fair economic platforms in the Asia-Pacific area and South America. After both Houses of the Congress approved the deals on Wednesday, the President issued a statement hailing the development as a "major win for American workers and businesses."
“Tonight's vote, with bipartisan support, will significantly boost exports that bear the proud label 'Made in America,' support tens of thousands of good-paying American jobs and protect labor rights, the environment and intellectual property," he added.
Final approval of the agreements represents a victory for the Obama administration and congressional leaders in both parties, who have touted the trade pacts as a means to jump-start the flagging economy without additional government spending. Ratification of the agreements holds particular importance for the President, who has set a goal of doubling U.S. exports by 2015 and is facing a tough bid for reelection with unemployment stuck at 9.1 percent.
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