DeMint, Brownback to discuss how CAFTA and Charleston's New Bridge will benefit SC's Economy
July 14th, 2005 - WASHINGTON, D.C. - U.S. Senators Jim DeMint (R-S.C.) and Sam Brownback (R-Kan.) will hold a press conference tomorrow to discuss how the Central American Free Trade Agreement (CAFTA) will benefit South Carolina. Port of Charleston CEO Bernie Groseclose and other community leaders will join the senators.
CAFTA was approved by the U.S. Senate on June 30th with bipartisan support. The agreement is now pending before the U.S. House of Representatives.
According to a recent economic impact study conducted by the U.S. Chamber of Commerce, in the first year alone CAFTA would increase output in South Carolina by $167 million and create over 900 new jobs. In nine years, the study shows a potential increase in output across all industries of $701 million and the creation of over 6,000 jobs.
"Most goods from these countries enter the U.S. tax-free, yet American exports are virtually taxed across the board. CAFTA will level the playing field by eliminating 80 percent of the tariffs on American exports immediately, and phasing out the remaining tariffs over 10 years."
The Port of Charleston is the busiest container port along the Southeast and Gulf coasts and ranks fourth nationally. The Charleston Customs district ranks as the nation's sixth largest in dollar value of international shipments, with $39 billion annually.