Silicon Valley/San Jose Business Journal: International trade showing recovery
International trade — which declined with the global economy in 2009 — is recovering, according to a report released Thursday by the Bay Area Council Economic Institute.
“After a deep global recession, trade is growing again,” said Sean Randolph, president & CEO of the Bay Area Council Economic Institute. “This is important not just for large companies, but for thousands of small and medium sized companies as well. As a major trading region, we need to support open markets, help smaller companies succeed as exporters, and invest in the port, airport and transportation infrastructure that will support a growing volume of goods and people entering and leaving the region.”
The report said that while in recent years the United States has not actively sought new free trade agreements, three bilateral agreements negotiated by the Bush Administration — with Korea, Columbia and Panama — have been stalled in Congress.
Of those, the agreement with Korea is most important to the Bay Area, the report added.
“Passage of the Korea-U.S. Free Trade Agreement is a Bay Area priority, and should be supported by every member of the region’s Congressional delegation,” said Jim Wunderman, president & CEO of the Bay Area Council.