Dow Congratulates U.S. Congress for Approving FTAs
October 13 2011 - 8:00AM
Business Wire
The Dow Chemical Company today congratulated the House and
Senate for passing the U.S.-Colombia, South Korea and Panama Free
Trade Agreements (FTAs). Dow Chairman and CEO Andrew Liveris made
the following statement:
“This is an historic step forward for the U.S. and our economy,
as America has now made great strides in re-establishing its
commitment to open trade, global markets and leadership on
high-standard trade agreements. We congratulate the entire
Congress, particularly the House Ways & Means Committee and the
Senate Finance Committee, for their stewardship and priority given
to approve these job-creating agreements.”
The FTAs are a key element in an advanced manufacturing strategy
that supports U.S. corporate engagement in the global market while
enabling companies to create jobs and sponsor new investments in
America. Last year, for instance, U.S. companies sold $10.7 billion
of manufactured goods to Colombia, but paid a staggering $1.5
billion in tariffs. Not only does this tie up a significant amount
of money that could be better spent here at home, but these high
tariffs therefore unnecessarily and unfairly weaken demand by
artificially raising the cost of U.S. products.
“We welcome the continued efforts of the Administration and
Congress to re-establish the U.S. as a major trade player,”
continued Liveris. “It is our expectation that these agreements be
only the beginning of a new era of U.S. leadership on trade. As a
member of the President’s Export Council, I look forward to the
continuation of our work with the U.S. Government to promote open
markets for U.S. exports, trade and investments.”
About The Dow Chemical Company
Dow (NYSE: DOW) combines the power of science and technology
with the "Human Element" to passionately innovate what is essential
to human progress. The Company connects chemistry and innovation
with the principles of sustainability to help address many of the
world's most challenging problems such as the need for clean water,
renewable energy generation and conservation, and increasing
agricultural productivity. Dow's diversified industry-leading
portfolio of specialty chemical, advanced materials, agrosciences
and plastics businesses delivers a broad range of technology-based
products and solutions to customers in approximately
160 countries and in high growth sectors such as electronics,
water, energy, coatings and agriculture. In 2010, Dow had annual
sales of $53.7 billion and employed approximately
50,000 people worldwide. The Company's more than 5,000
products are manufactured at 188 sites in 35 countries
across the globe. References to "Dow" or the "Company" mean The Dow
Chemical Company and its consolidated subsidiaries unless otherwise
expressly noted. More information about Dow can be found at
www.dow.com.
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