The idea that it is acceptable to relocate jobs and sacrifice manufacturing for the overall growth of the economy – or to import cheap products with a growing trade deficit, because it is the best for our consumers – is irrational. It is also irrational to believe that we can buy more than we can sell forever. “Free trade may maximize the wealth of a minority of individuals and the global community, while destroying the nation and its social stability,” says author Roger Simmermaker in his non-institutional book. Since Clinton signed NAFTA in 1993, the Democratic Party has believed that keeping Democrats in the presidency requires free trade and open markets. 1. Congress should work towards a national goal to close the trade gap and focus on balancing our trade budget. Bangladesh has adopted a number of reforms, including easing restrictions on trade unions and raising the lowest wages of the country`s four million workers in their efforts to recover commercial services. Economists argue that free trade stimulates economic growth and prosperity, and most politicians accept that a growing economy helps the party win re-election. So, since NAFTA, Democrats and Republicans believe in the assumption that free trade and open markets lead to growth and prosperity – which, in turn, leads to greater electoral success for the free trade party. U.S.-Korea Free Trade Agreement( (KORUS Free Trade Agreement). This contract was first signed on June 30, 2007, with a renegotiated version signed by President Obama in early December 2011. For the United States, the treaty was the first free trade agreement with a major Asian economy and the largest trade agreement since NAFTA in 1993. In a White House press release, Obama predicted 70,000 new jobs in the bilateral free trade agreement between the United States and Korea, which he signed in 2011, but we lost 95,000 jobs in 2015.
In addition, Data from the Census Bureaus show that the trade deficit with South Korea increased from $13.2 billion in 2012 to $21 billion in 2019. BD-US Trade: SPG disappeared, free trade agreement not in the near future By Asjad Kibria Bangladesh is an important American ally in South Asia. The two countries cooperate fully on issues of regional and global security, counter-terrorism and climate change. Bangladesh has been an important participant in the Obama administration`s key international development initiatives, including food security, health care and the environment.  A strategic dialogue agreement between the two countries was signed in 2012. In 2015, U.S. Ambassador to Bangladesh Marcia Bernicat called relations “alive, varied and indispensable.”  Bangladesh has a number of shortcomings in this regard. The country has not yet signed a BFTA with a country. In addition, each BFTA with the United States will not be a limited agreement to trade in goods and services.