| Senate agrees free trade chile singapore Original Source Link: (May no longer be active) http://www.miami.com/mld/miamiherald/6431893.htmhttp://www.miami.com/mld/miamiherald/6431893.htm
Posted on Fri, Aug. 01, 2003 In two votes, Senate approves free trade with Chile, Singapore BY NANCY SAN MARTIN nsanmartin@herald.com
WASHINGTON - The Senate gave final approval Thursday to free-trade deals with Chile and Singapore, a crucial step toward the Bush administration's goal of establishing global markets.
The votes made Chile the first South American country -- and Singapore the first in East Asia -- to forge trade pacts with the U.S., despite concerns from labor groups and others that the agreements will result in a loss of U.S. jobs.
The Senate approved the Singapore agreement by a vote of 66 to 32 and the Chile agreement by 66 to 31. The House overwhelmingly approved the two countries as free-trade partners last week.
The Chile accord, expected to be ratified by the Chilean congress in September, is scheduled to take effect Jan. 1. Signed in Miami last month, the pact is of particular interest to South Florida business leaders who see it as an opportunity for increasing American exports and investments.
''For Miami, it can represent as much as $1 billion in trade. We are very excited about the prospects,'' said William Alexander, president of the Latin Chamber of Commerce in Miami.
Chilean officials also hailed Thursday's passage.
''With this agreement, we'll have free trade with all of North America,'' said Chilean Ambassador Andres Bianchi. ``It represents a possibility of important future growth.''
Chile has similar pacts with Canada and Mexico, as well as various nations in Europe, Central and South America.
Bianchi said the U.S. pact ''levels the playing field'' for American exports, which have lost market shares to competitors from nations that already have trade agreements with Chile.
``U.S. firms will compete again and recover market shares.''
Still, some senators told the Associated Press that they were voting against the agreements because of provisions allowing more foreign professional workers into the country.
The free trade agreements with Chile and Singapore are viewed as models for larger scale plans. Bilateral trade talks are under way with Central America, and more possibilities are being held out for Colombia, Panama, the Dominican Republic and even Brazil with its neighbors.
The ultimate goal for the Bush administration is to establish a hemisphere-wide pact, known as the Free Trade Area of the Americas, by 2005.
Thursday's vote came as 34 trade ministers prepare for a Nov. 21 gathering in Miami to discuss negotiations for the FTAA.
Miami business leaders hope the secretariat, or headquarters, of the FTAA will be located in their hometown, bringing more jobs and trade to the area.
Two-way trade between the United States and Singapore is $31 billion, about 1.6 percent of all U.S. trade while Chile's two-way trade with the United States of $6.4 billion is one-third of 1 percent of total U.S. trade.
Combined, the two countries constitute about 2 percent of the U.S. trade of $1.8 trillion in 2002.
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