International trade creates jobs here at home. Generating new or expanded markets overseas for our goods and services puts New Jerseyans and other Americans to work. Expanding the market for American goods and services drives the growth of our own economy, creates jobs, and strengthens our nation.
Here in New Jersey, international trade is indispensible to our economic strength. The Port of New York and New Jersey, for example, is a vital economic engine for our state and region. The Port spurs more than $36 billion in economic activity each year, is responsible for 279,000 jobs, and provides $12 billion in wages every year. Tens of thousands of people are directly employed along the piers, docks, warehouses, truck staging areas and rail yards at the Port, with thousands more working in New Jersey companies which depend on this vital asset.
That is why I have been a strong ally of the Port and have championed the decades long Harbor Deepening Project. If we do not keep New Jersey competitive with other ports along the Atlantic Coast by ensuring that the latest generation of cargo ships can come into our port, we will lose jobs and weaken our state’s economy.
In addition, Congress continues to work on expanding U.S. markets oversees in order to create more jobs here at home. We have approved Trade Promotion Authority (TPA) allowing the administration to negotiate trade agreements – subject to an up-or-down vote by Congress.
Free Trade Agreements have had a proven record of success in our state. Free trade partner nations purchase 8.5 times more goods per capita from New Jersey businesses than countries with which we do not have a free trade agreement. There is no doubt that free trade promotes prosperity for our people.
The administration finished negotiating a free trade agreement known as the Trans Pacific Partnership (TPP) with eleven other nations: New Zealand, Canada, Chile, Singapore, Brunei, Australia, Peru, Vietnam, Malaysia, Mexico and Japan. The full text and supporting documents of the agreement, which is currently being reviewed by Congress, are now available to view online.
Free trade is good for New Jersey and good for America.
- Port of NJ & NY and Trade Benefits (03/12/1412:43 PMET )