ROSSLYN, Va.—NEMA welcomed passage late yesterday by the U.S. House of Representatives and the U.S. Senate of implementing legislation for free trade agreements with South Korea, Colombia, and Panama. The U.S. electroindustry looks forward to taking advantage of the long-delayed agreements as soon as possible.
“These agreements promise new export opportunities for our manufacturers through millions of dollars in tariff reductions and removal of discriminatory barriers,” said NEMA President and CEO Evan Gaddis. “I urge the president to sign the bills into law quickly and to designate the most expeditious effective date for each agreement.”
U.S. electrical equipment and medical imaging equipment manufacturers exported more than $1.4 billion worth of goods to South Korea, Colombia, and Panama in 2010, combined. Most customs tariffs on these goods will be dropped to zero immediately upon the effective date of the agreements, while the rest will be eliminated progressively in the coming years. The agreements also provide greater protection for intellectual property rights and open the countries’ markets for government procurement as well as energy, environmental, engineering and maintenance/repair services.
NEMA is the association of electrical equipment manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
Press/Public Relations Contacts:
NEMA Communications Department