Today’s Free Trade Fact of the Day comes from Arizona Chamber of Commerce and Industry president and CEO Glenn Hamer who examines the benefits of trade with Colombia for Arizona but first notes: “Things are upside down in this country when the U.S. aids Hugo Chavez and hurts a Latin American ally such as Colombia.” Hammer continues:
The Colombian trade agreement would have a direct impact on Arizona exports. Currently, Arizona is ranked 19 among the 50 states in terms of total exports in 2007.
In 2007, Arizona’s export shipments of merchandise to Colombia totaled $11.7 million, an increase of 19 percent from 2006. Look at the statistics below to see the trend of positive impacts of free trade on Arizona.
• Since the U.S.-Chile Free Trade Agreement took effect in 2004, Arizona’s annual exports to Chile increased 59 percent.
• Since the North American Free Trade Agreement entered into force in 1994, Arizona’s combined exports to Canada and Mexico have increased by 206 percent.
• Since the U.S.-Singapore Free Trade Agreement took effect in 2004, the state’s exports to Singapore have jumped 123 percent.