WASHINGTON, Nov. 19 (UPI) -- A U.S-Dominican Republic free trade agreement would have big economic benefits for the New York area, the U.S. Chamber of Commerce said Friday.
"Lowering the barriers to trade helps all Americans, particularly workers, employers and consumers in the New York metropolitan area," said Thomas Donohue, Chamber president and CEO.
The studies were released to the public during an event in New York City, where chamber representatives were joined by the ambassadors of five Central American countries, local legislators and members of the region's business community to highlight and discuss the importance of the free trade agreement that invovles not only the Dominican Republic but also the Centrral American nations to both the local and national economies. The release of the studies was one of a series of events the chamber has hosted nationwide this year on the trade deal, which is due to be voted on in Congress early in 2005.
The Central American countries and the Dominican Republic are already New
York's 17th largest export market and New Jersey's 21st.
New York would see an increase of more than $840 million in output across all industries
within nine years of the agreement being implemented. The study revealed that an
additional 4,384 new jobs would also be created in the state over that time period as well. New Jersey would also see gains over the nine-year stretch of $355 million in output and more than 1,646 new jobs.