For Release — October 13, 2011
Passage of Free Trade Agrements will help jump-start New York's manufacturing sector
ALBANY— “The passage of these three Free Trade Agreements is in the best interest of New York and our nation's manufacturing competitiveness. It will help retain and create jobs and provide new opportunities for businesses throughout the state.
New York's manufacturers exported $69.7 billion in goods in 2010, directly supporting 192,064 New York jobs. Over 28,900 companies located in every part of the state exported their products, with $18.2 billion of exports going to existing Free Trade Agreement countries. Trade is important not only to larger companies; often overlooked is how critical these agreements are to small and medium-sized businesses.
For more than four years, our nation has sat on the sidelines when it came to international trade. Now, with the passage of these agreements, a door is opened that can bring new opportunities for New York manufacturers to reach new markets or expand where they already have a presence.
Exports from New York to these three markets reached $1.8 billion last year. Opening these markets will boost these exports and create job opportunities. The International Trade Commission estimates that these agreements will boost exports in the U.S. by $13 billion.
Manufacturers in New York must be able to compete with our industrial competitors around the world. With the passage of these Free Trade Agreements, we are one step closer to achieving that goal.”
- Heather Briccetti, acting-president and CEO of the Business Council of New York State, Inc.