Expanding Trade And Investment Enhances Prosperity

Since implementation of the North American Free Trade Agreement (NAFTA) and the multilateral Uruguay Round, more than 25 million new jobs have been created in the United States. Trade between the United States, Mexico, and Canada has more than tripled, and all three countries' economies have grown by more than 50 percent. The U.S. unemployment rate has been much lower than in recent decades, and workers, farmers, and entrepreneurs have seen real improvements in their daily lives.

The Administration will continue working through the WTO Doha Round of multilateral trade negotiations to break down trade barriers at the global level. The U.S. is prepared to lead to ensure the Doha Round reaches a successful conclusion this year but will not make unilateral concessions to advance the negotiations while others refuse to come forward with their own meaningful contributions. A Doha agreement would open up markets for American goods, crops, and services, create new opportunities for developed and developing nations alike, and lift millions from poverty.

Closing off markets to trade would cause a retreat from the opportunities of the global economy and would be a mistake for the United States. Isolationist policies could:

• Drive up prices for American families and deny them choices they have come to expect;
• Cause other nations to retaliate by raising their own barriers to trade, which would contribute to U.S. companies moving jobs overseas; and
• Hurt the millions of Americans employed either by U.S. exporters or by foreign companies operating in the U.S.

When President Bush took office, America had free trade agreements (FTAs) in force with three other countries; today, the U.S. has agreements in force with 14 countries, and Congress recently approved another one with Peru. U.S. exports to all 14 FTA countries have grown nearly 40 percent faster than U.S. exports to the rest of the world. The President calls on Congress to help keep our economy growing by passing important pending free trade agreements with Colombia, Panama, and South Korea.

The Administration Is Helping Workers Affected By Global Trade Adapt To The Changing Economy, Learn New Skills, And Find New Jobs

President Bush calls on Congress to reauthorize and reform Trade Adjustment Assistance (TAA) to help workers obtain the training they need to transition into a new career. The President believes the Federal government has a role to play in helping workers displaced by trade to our dynamic economy. Reforming the TAA program is needed to help workers obtain the skills and assistance they need to transition to good jobs.

• In addition to providing billions of dollars annually through the workforce investment system, the Administration has provided more than $1 billion in new initiatives to educate and prepare American workers for jobs of the 21st century. Yesterday, Labor Secretary Elaine Chao announced more than $100 million in new community-based job training grants – which support community college programs that provide training for jobs in high-growth fields – so workers may obtain the skills they need for jobs in their area.

Approving The U.S.-Panama Free Trade Agreement Will Level The Playing Field For U.S. Business And Agriculture

In 2007, Panama and the United States exchanged more than $4 billion worth of goods – nearly twice as much as just four years ago. Panama has one of the fastest-growing economies in Central America, with a growth rate of more than eight percent last year.

The U.S.-Panama free trade agreement will build on this vibrant trade relationship, eliminating tariffs on 88 percent of U.S. industrial and consumer goods exported to Panama immediately and 100 percent over time. It will also provide significant new duty-free access for American farmers and ranchers and ensure opportunities for American businesses to participate in the Panama Canal expansion project. It will also provide new market access for U.S. service suppliers, including in Panama's key financial services sector.

Panama Business Profile

Economic trends Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services mainly include the Panama Canal, banking, the Colon Free Zone, insurance, and container ports. Certain sectors such as agriculture, manufacturing and building & construction have been declining for several years, resulting into deterioration of the social climate. The GDP growth rate is over 8% since 2006. Unemployment (nearly 15% of the active population), poverty (40% of the population live below poverty line), and corruption are weakening the country. In recent years the country has become a nexus for the shipment of illegal drugs from Colombia to the USA, as well as a centre for drug-related financial transactions. Main branches of industry Agriculture accounts for almost 8% of the GDP and employs 20% of the active population. The main crops are bananas, coffee and sugar. Panama has limited natural resources; copper being the only commodity that is exported. The industrial sector is modest; it contributes only 17% to the GDP. The main industrial activities rely on food processing, sugar refining, apparel manufacturing, and dairy products. Services sector is the real driving force of the country's economy. The Colón Free Zone, established in 1953, is a centre for foreign investment in manufacturing. Panama Canal (contributes 12% to the GDP) is continuing to generate more and more revenue because of the rise in maritime transport. It has also led to a fast development of the Panamanian banking sector. Panama holds the largest merchant navy fleet in the world. International trade Panama is largely an export-oriented country. Colon free zone which is the second largest free-trade zone in the world after Hong Kong, demonstrates the country's openness to foreign trade. The share of foreign trade in country’s GDP is more than 125%. The top three export partners of Panama are: the USA, Spain and Sweden. The commodities mainly exported are fish & sea products, edible fruits & vegetables, sugar and meat. The top three import partners are: the USA, Costa Rica and Japan. Panama mainly imports mineral fuels & oils, vehicles, machinery, electric & electronic equipment, and pharmaceutical products.

Economic trends

Colombia is a free-market economy and has shown a steady growth since the president, Alvaro Uribe, came into power in 2002. The re-election of Uribe in May 2006 is going to bring more stability to the economy. The sustained growth of the Colombian economy can be attributed to an improvement in domestic security, the policies of keeping inflation low and maintaining a stable currency (peso), rise in global oil prices, and an increase in exports as a result of trade liberalization. Colombia enjoys a hight GDP growth rate at around 5% each year. In 2006 and 2007, it reached 6.8 and 6.6% respectively. The government is expected to adopt a prudent fiscal policy and undergo structural reforms aimed at strengthening the public finances. This would slow down GDP growth marginally. IMF forecasts a GDP growth of 4.8% in 2008. The current-account deficit will widen to 2.5% of GDP in 2008, but will be fully financed by strong investment inflows. The unemployment rate recorded in 2005 was nearly 10% but it was around 20% in 2002.

Main branches of industry

Agriculture has traditionally been the chief economic activity in Colombia. Colombia's diverse climate and topography permit the cultivation of a wide variety of crops, but coffee is by far the major crop which contributes 7% to the country’s GDP. Colombia is also the 2nd largest exporter of cut flowers in the world. The illicit drug trade (Colombia is the largest producer of cocaine in the world) accounts for about 25% of foreign exchange earnings. The manufacturing sector is mainly focused on food-processing. Oil and mining sector continues to attract the maximum investments. The banking sector is still fragile.

International trade

Since Colombia mainly exports coffee and petroleum, as a result the country is dependent on international prices. Petroleum has replaced coffee as the nation's leading legal export commodity. Colombia being a member of the Andean Group (an economic organization of South American nations) has signed free-trade pacts with other Andean countries and Mexico. Colombia's top three export partners are: the United States, Venezuela and Ecuador. The top three import partners are: the USA, Mexico and China. Colombia mainly imports machines, electrical and electronic equipment, vehicles, and organic chemicals.
 

Chile Business Profile

 Economic trends

The Chile has one of the most performing economies in Latin America and it is quoted as a role model of economic stability by foreign investors. Chile has pursued generally sound economic policies for nearly three decades. Chile is the largest producer and exporter of copper in the world and country’s economy is largely dependent on rise & fall of the international copper prices. After a slow down to 4% in 2006 due to a dip in copper production, the growth rate of the GDP increase to 6% in 2007. 5% are forecasted for 2008. Chile's independent Central Bank pursues a policy of maintaining inflation arround 4%. Inflation has not exceeded 5% since 1998. Unemployment has hovered in the 8 -10% range in recent years and is expected to remain so in the coming few years in spite of strong economic growth. Most international observers blame the high unemployment rate on Chile’s complicated and restrictive labour laws.

Main branches of industry

Chile's main activity sectors are mining (copper, gold and silver), manufacturing (food-processing, chemicals, wood and paper) and agriculture (wine growing, sea products and fruit growing). The agricultural sector contributes nearly 5% to the GDP, the industrial sector contributes around 47% and the service sector nearly 48%. Dependence of the economy on copper prices and the production of an adequate food supply are Chile's two major economic problems.

International trade

Chile's economy is highly dependent on international trade. The share of foreign trade in country’s GDP is above 75%. Chile is strongly committed to free-trade and has signed free trade agreements (FTAs) with several important economies, including U.S.A., China and South Korea. Chile’s top three export partners are: the USA, Japan and China. Copper exports accounted for 45% of Chilean total exports in 2005. Chile's top three import partners are: Argentina, the USA and Brazil. Chile mainly imports mineral fuels & oils, machinery, vehicles, and electric & electronic equipment.
 

Argentina Business Profile

Economic trends The Argentinean economy is going through a revival process since 2003, after it had collapsed during the first semester of 2002. Its GDP growth rate reached 9.2% in 2005, 9,2% in 2006 and 7.5% in 2007 (as compared to -10.9% in 2002) sustained by consumption and investment. However, IMF forecasts a slowdown to 5,5% in 2008. The inflation rate is high (9,5% in 2006). Though devaluation of peso has re-launched exports (mainly of agricultural products), but as imports continue to outpace export growth the current-account surplus will narrow as a percentage of GDP. Argentina's economy is fragile: financial system is not secure (especially for international investors), social situation is delicate (25% of the population lives below poverty line), and country is also facing energy crisis. Main branches of industry Argentina's economy has traditionally been based on agriculture (constituting nearly 10% of GDP), but the industrial and service sectors have also grown substantially in recent years. The industrial sector contributes nearly 35% and services sector around 55% to the country’s GDP. Argentina has numerous assets to withstand the difficulties: a successful and export-oriented agriculture which attracts foreign investment, considerable natural resources (copper, gas and oil) and a qualified & competitive labour force. Its cattle herds are among the world's finest. Argentina is the world's largest source of tannin and linseed oil. Food processing (in particular meat-packing, flour milling, and canning) is the largest manufacturing activity. International trade Argentina is a member of MERCOSUR (other members being Brazil, Uruguay and Paraguay) which is the 4th largest free-trade zone in the world. It remains the corner stone of Argentina's international trade policy. The top three exports partners of the country are: Brazil, the U.S.A. and Chile. Argentina mainly exports mineral fuels & oils, residues & wastes from food industries, animal & vegetable fats & oils, and cereals. Its top three import partners are: Brazil, the U.S.A. and China. Argentina mainly imports machines, vehicles, electronic and electrical equipment, and organic chemicals.

Cuba Business Profile

Economic trends

The Cuban economy has been suffering severely right from the collapse of Soviet bloc in 1990, followed by the U.S. trade boycott and the internal structural economic problems. However this highly state-controlled economy has recovered somewhat in recent past due to better economic planning, limited private enterprise, and an increase in productivity. During 2005 there was a surge in foreign funds due to fresh financing from China, trade agreements with Venezuela, and growth in international tourism resulting in increased public spending. Cuba's huge external debt reduction is one of its major challenges.

Main branches of industry

Agriculture is one of Cuba's main activities, with sugarcane and tobacco as two main pillars of the sector. 10% of the country's active population works in the sugar sector which is undergoing through a restructuring process. Agricultural productivity highly depends on climatic conditions, especially cyclones. Agriculture and fisheries together account for around 5% of the GDP. Mining accounts for nearly 1.5% of the GDP. Cuba is the world’s 5th largest producer of nickel and cobalt. The manufacturing sector contributes around 15% to GDP and is mainly focused on food-processing, textile, chemicals and pharmaceuticals. The construction sector contributes nearly 7% to GDP. Tourism is growing; accounts for 12% of GDP and generates 40% of the country's foreign exchange revenue. The services sector (includes tourism) contributes nearly 67% to the GDP.

International trade

The embargo upheld by the U.S.A has hampered Cuba's external trade. However, foreign investments, though subject to very strict rules, are enormous in tourism, energy and telecommunications sectors. EU accounts for about half of Cuba’s external trade. Cuba’s top three export partners are: the Netherlands, Canada, and Venezuela. It mainly exports sugar, nickel, tobacco, medicines and fishing products. The country's top three import partners are: Venezuela, Spain and China. Cuba mainly imports mineral fuels & oils, machinery, electric & electronic equipment, cereals, and vehicles.
 

Uruguay Business Profile

Economic trends

After going through its worst economic and financial crisis in recent history in early 2000 due to devaluation of the Brazilian real, outbreak of foot and mouth disease, and the Argentinean crises. The economy in Uruguay has started reviving after 2004 but cope nowadays with a declining growth rate : 7.0% in 2007, 5.2% in 2007 and a forecast of 3.8% for 2008. Nevertheless, Uruguay enjoys a positive investment climate, with a strong legal system and open financial markets. It grants equal treatment to national and foreign investors. Though exports are rising and tourism is growing, the economy still remains fragile: public debt is increasing, unemployment affects nearly 20% of the active population and 30% of the population lives below the poverty line.

Main branches of industry

Uruguay has rich agricultural land, almost 90% of which is devoted to livestock raising. Cattle, sheep, horses, and pigs are the major livestock animals. Rice is the major food crop, followed by wheat, corn and sugarcane. Agriculture contributes nearly 12% to the GDP and is the largest exporting sector. The manufacturing sector accounts for nearly 30% of the GDP. The processing of agricultural and animal products accounts for about half of the manufacturing activity. Fray Bentos and Paysandú are well known companies for their meat-freezing and canning plants. Other manufacturing activities include beverages (especially wines), textiles, construction material, chemicals, and petroleum and coal. Services add up to 60% of the GDP, thanks mainly to financial services. The tourism sector is also doing well.

International trade

Uruguay is a member of Mercosur (common market between Uruguay, Paraguay, Argentina, and Brazil). The share of foreign trade in country’s GDP is around 50%. The country's top three export partners are: the USA, Brazil and Argentina. The commodities mainly exported are meat, dairy products, raw hides & skins, cereals, and wool. Its top three import partners are: Brazil, Argentina and Russia. It mainly imports mineral fuels & oils, machinery, electric & electronic equipment, vehicles, and plastics. Foreign investments are completely free in Uruguay and are not submitted to any declaration.
 

Economic trends

Peru’s economy is one of the most dynamic in Latin America, particularly showing strong growth over the past five years. Recent economic expansion has been driven by construction, mining, investments (particularly in the Camisea natural gas project), domestic demand, and exports. The country registered a GDP growth rate of 7.6% and 7.0% in 2006 and 2007 respectively. Unlike its Latin American neighbours like Brazil and Argentina, the country did not suffer recent currencies devaluation. IMF forecasts a growth rate of 6% in 2008. Vigilant monetary policy and a stable currency will help to keep inflation anchored around the 2.5% central target. The current-account surplus will narrow in 2007-08. However, poverty (50% of the population is still living below poverty line) and unemployment (estimated at around 10% in 2006) are two major challenges.

Main branches of industry

Agriculture contributes around 10% to the country’s GDP and employs nearly one-third of the population. The main agricultural products are cotton, sugarcane, coffee, wheat, rice, corn, and barley. Peru is one of the world's largest producers of coca leaves (and its paste) which is primarily exported to Colombia where it is used to make cocaine. Peru has a large mining industry which was privatised during 1990s and attracts large investments; the most valuable minerals being copper, gold and silver. Peru is the world’s second-largest producer of silver, sixth-largest producer of gold and copper, and an important supplier of zinc and lead. Peru is a source of both natural gas and petroleum, although the country is a net energy importer. Peru's principal manufacturing activities include production of textiles, consumer goods, processed food and fish products, and cement. The tourism sector is also well developed. The services sector contributes nearly 58% to the GDP. The World Bank granted a loan of 20 billion dollars to Peru in March 2005.

International trade

Peru is very open to the international trade. It is a member of WTO and APEC (Asia-Pacific Economic Cooperation forum). Its economy will get substantially benefited by the Trade Promotion Agreement (TPA) with the USA that is due to become operational once it is ratified by the US Congress. Peru’s top three export partners are: the USA, China and Chile. The commodities mainly exported are ores, precious stones, copper, and mineral fuels & oils. The top three import partners are: the USA, China and Brazil. Peru mainly imports mineral fuels & oils, machinery, electronic equipment, plastics and vehicles.
 

Guatemala Business Profile

Economic trends

Guatemala’s economy has been shattered by the civil war for many years. However, recovery has started in 2004 with a GDP growth rate of 3.2% which further improved to 3.5% in 2005, thanks mainly to public & private spending and transfer of money by expatriates. GDP growth has reached 4.9% and 4.8% in 2006 and 2007. 4.3% are predicted for 2008 by the IMF. Rise in international oil prices resulted into an increase in inflation which touched 9.1% in 2005 but is estimated to have cooled down to 6.9% in 2006. The inflow of foreign investments has been hampered by unstable political and social environment, combined with corruption and drugs problems. 60% of the country’s population lives below the poverty line.

Main branches of industry

Guatemala has mainly agricultural economy. Agriculture accounts for 23% of the GDP and 75% of the country's exports. The major commercial and export crops are sugar, banana, coffee and cocoa. However agriculture is prone to climatic risks such as cyclones. Forest exploitation is not much developed. There is some manufacturing activity in the country, primarily that of refined sugar, textiles and clothing, furniture, and chemicals. Industry contributes nearly 19% to the GDP. "Maquiladoras", which are textile or clothing factories established in free zones and having a privileged access to the American market, are developing. There are good deposits of zinc, lead and nickel in the country. Extensive jade deposits are found in the central part of Guatemala. The petroleum industry has developed, although it has been limited by political unrest and environmentalist opposition. The tourism industry is very dynamic; especially the Mayan town of Chichicastenango is a popular site for the tourists. Banking sector is weak. The services sector contributes nearly 60% to the GDP.

International trade

Guatemala is one of Central American Common Market (CACM)'s five countries, along with Costa Rica, Salvador, Honduras and Nicaragua. A free-trade agreement was signed on May 2004 between CACM's five countries and the USA. Guatemala's top three export partners are: the U.S.A., El Salvador and Honduras. The country mainly exports apparel & clothing accessories, coffee & tea, fruits & nuts, and mineral fuels & oils. The top three import partners are: the USA, Mexico and China. The goods mainly imported are mineral fuels & oils, vehicles, electric & mechanical equipment, machinery, and plastic articles.
 

una plegaria favorita dicha por el gran teólogo y filosofo Americano Reinhold Niebuhr  

::

a favority prayer by the great American  theologean and philosopher-Reinhold Niebuhr

La Plegaria de la Serenidad

Dios, dadme la serenidad
para aceptar las cosas que yo no puedo cambiar;
valentía para cambiar las cosas que yo pueda cambiar;
y la sabiduría para saber la diferencia.

Viviendo un día a la vez;

Disfrutando un momento a la vez,
Aceptando las dificultades como el camino a la paz;
Tomando como El lo hizo, este mundo pecador tal como es, no como yo lo quisiera que fuera;
Con fe de que El corregirá las cosas
si me someto a su voluntad;
Que sea razonablemente feliz en esta vida
y supremamente feliz con El por siempre en la próxima.

Amen

The Serenity Prayer

Amen.