Bonham – The three pending free trade agreements with Panama, Colombia and South Korea could generate $2.5 billion in American agricultural exports and 22,500 jobs for the U.S. economy. All three agreements are awaiting a congressional vote following lengthy disputes among both chambers of Congress and the Obama administration.

“Free trade with these countries would expand the market opportunities available to farmers and ranchers, opening up new sources of revenue for their products,” said Jerry Magness, president of Fannin County Farm Bureau.

Although the agreements have passed the mock markup process, Republicans are concerned with the administration’s addition of Trade Adjustment Assistance (TAA) to the South Korea deal. TAA would provide financial aid to workers whose jobs are affected by the free trade agreement. However, many trade supporters are concerned legislators are distracted from a swift resolution and quick passage. 

“In the interest of the health of our rural and agricultural communities, we must not delay these free trade agreements any longer,” Magness said. “More jobs, especially in rural communities, would give our economy a much-needed financial boost.”

Officials hope to complete a vote on all three free trade agreements before Aug. 6, when Congress is expected to break for the August recess.