Present at their signing, SPI praises new trade pacts

On hand for the signing of the bills in the Oval Office as well as the discussion of the new trade pacts from the White House Rose Garden, Society of the Plastics Industry's (SPI) Bill Carteaux and Jon Kurrle joined President Barack Obama in praising newly enacted trade deals with South Korea, Panama, and Colombia. Carteaux, SPI's president, and Kurrle, its senior VP for government and industry affairs, joined other business leaders to witness the signing of the bills that will remove trade barriers to the potential benefit of multiple industries, including plastics.

Barack Obama discusses newly signed trade pacts from the Rose Garden (top); Obama greets dignitaries, SPI's Bill Carteaux in the foreground. Photos courtesy SPI.

"I am honored to be invited to the White House to celebrate these trade agreements because SPI's advocacy team, aided by our dedicated members, worked countless hours and made, literally, hundreds of Capitol Hill visits in support of these agreements," Carteaux said. Noting a sense of pride and accomplishment, Carteaux added that SPI's advocacy on behalf of the trade measures ensured that the plastics industry's collective voice was heard.

"SPI has long supported these pro-growth measures," Carteaux said. "They create a more level playing field for the U.S. plastics industry and increase our competitiveness in these three countries." Carteaux noted that the president's comments on the new trade deals from the Rose Garden included specific references to the plastics industry.

South Korea is currently the 10th largest export market for U.S. plastics, with resin-related exports to that country jumping 44% since 2000. Colombia is the 16th largest export market for U.S. plastics, and since 2000, plastics exports to the South American country have increased by 163%. SPI noted that although not presently a top market for the U.S. plastics industry, Panama has shown tremendous growth potential as well. Since 2000, plastics exports to Panama have jumped by 107%. 

In terms of the potential broader impact of the deals, the U.S. International Trade Commission has estimated that the U.S.-South Korea FTA alone will generate $10-$11 billion in additional exports, with every additional $1 billion dollars in exports creating 6000 jobs.