Indonesia was reported to have benefited greatly from the GSP program, which enabled the world largest archipelagic country to export duty-free $1.9 billion worth of goods to the United States in 2010, a release from the US embassy made available to Antara here said on Monday.
This week, the US Congress passed the US-Korea, US-Colombia, and US-Panama trade agreements, as well as Trade Adjustment Assistance (TAA) reforms, the Generalized System of Preferences (GSP), and the Andean Trade Preferences Act.
President Barack Obama is expected to sign the initiatives into law in the coming days. Secretary of State Hilary Clinton said in an October 12 statement, "The Obama Administration is constantly working to deepen our economic engagement throughout the world and these agreements are an example of that commitment."
The Free Trade Agreements with Panama and Colombia will give special access to the United States for Colombian and Panamanian goods that are highly competitive in global markets, especially their agricultural and seafood products.
The Agreement with the Republic of Korea demonstrates the US desire to trade more with Asia. The United States also intends to
extend the benefits of free trade between itself and Asia-Pacific nations through The Trans-Pacific Partnership (TPP) Agreement, an
Asia-Pacific regional trade agreement currently being negotiated among the United States and eight other partners.
The United States` TPP negotiating partners are Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam. (*)