FOR IMMEDIATE RELEASE: October 12^th, 2011

How the Pending Trade Agreements Will Affect Minnesota’s Economy

More American exports, more economic growth, more jobs

Today, the House will vote on the long-stalled Colombia, Panama, and South Korea Free Trade Agreements (FTA). These no-cost job-creating trade agreements will make it easier for Minnesota companies to sell products abroad and in turn create jobs here in the United States.

BY THE NUMBERS: What do the pending FTAs mean for Minnesota?

•  Nearly 60,000 Minnesota jobs are directly supported by exports. The passage of the three pending free trade agreements will increase U.S. access to foreign markets, giving local companies the ability to grow and hire. (U.S. Chamber of Commerce)

• 91%of Minnesota’s exports are from the manufacturing industry, supporting 20% of Minnesota’s manufacturing jobs. (U.S. Commerce Department)

• FTA’s will have a direct impact on the growth engine of Minnesota’s economy – small and medium sized businesses. These businesses, with less than 500 employees, accounted for 6,027 of Minnesota’s exporting companies, generating one-fifth of Minnesota’s total merchandise exports in 2008. (U.S. Commerce Department)

• Trade Agreements work for Minnesota jobs. Recently enacted agreements with Chile and Singapore saw Minnesota exports grow 280% and 107%, respectively. The three pending agreements could have a similar effect for Minnesota firms. (U.S. Commerce Department)

Trade Agreements Will Help Minnesota Companies Grow and Create Local Jobs

3M Vice President Jeff Rageth:

“3M is a large U.S.-based employer and manufacturer established over a century ago in Minnesota. Today, 3M is one of the largest and most diversified manufacturing companies in the world. Thousands of 3M jobs in the U.S. are tied to exports and the support of our international companies. While we conduct the majority of our manufacturing and research activities in the U.S., over 65% of 3M sales were outside the U.S. in 2010. 3M exported over $650 million from Minnesota alone in 2010. The elimination of tariff and non-tariff barriers in Korea, Colombia and Panama is critical to help us level the playing field for our exports in those growing markets. The three pending free trade agreements help boost U.S. exports to and engagement in these markets, thereby helping to maintain and grow jobs and investments for 3M at home.”  - letter to Congress 6/21/2011

Rep. Paulsen has played a leading role in helping Minnesota Job-creators compete in the global marketplace.

• Paulsen helped launch the U.S. Korea FTA Working Group, a bipartisan effort to build support for the Korea FTA.

• Last week, the House Ways and Means Committee passed all three Free  Trade Agreements out of committee. Rep. Paulsen voted for all three in committee and recently applauded the White House for sending the long-stalled pacts to Congress.

• On October 11th, Rep. Paulsen delivered remarks on the job-creating Free Trade Agreement with South Korea.

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation currently serves on the House Ways and Means Committee, and is co-chair of the Congressional Korea-U.S. Free Trade Working Group and co-chair of the House Medical Technology Caucus.

For more information on Rep. Paulsen’s work in Congress, please visit www.paulsen.house.gov.

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