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International Trade and World Market Back in October 2011 United States Congress passed three long-awaited free trade agreements with South Korea, Colombia and Panama. The approval of these deals became a major victory for President Obama as well as all of the proponents that view foreign trade as a machine that can drive America’s economic growth. These trade deals are important primarily as a political achievement, and solidifying relationships with strategic allies, however, the economic benefits are projected to be small. It was estimated in 2007 that the impact on employment would be “negligible” and that the deals would increase gross domestic product by about $14.4 billion, which is about 0.1%. Under special regulations that govern the consideration of trade deals, Congress had only 90 days to approve or reject the agreements, without a possibility to amend the terms. Trade agreements lower the price of American products and services in foreign markets — and foreign products and services in U.S. — by eliminating taxes. Economists say that the overall benefits are substantial, but the outcomes for individuals are much more varied. Currently United States has free trade agreements with seventeen countries, including Mexico and Canada. The agreement with South Korea could potentially increase annual sales of American goods such as dairy products, pork, poultry, chemicals and plastics — by up to $11 billion. The agreement with Colombia, a much smaller trading partner, would increase annual demand for American goods by about $1 billion. In 2006, The Bush administration completed negotiation of these three agreements, but approval was denied by Congressional Democrats. In 2009 president Obama lifted the agreements from the dustbin as an effort to revive U.S. economy. In order to address the concerns of opponents, the administration renegotiated provisions in each of the trade agreements. Yet the progress got halted again over the fate of a modest and obscure benefits program called Trade Adjustment Assistance, where government has provided benefits to those workers who lost their jobs to foreign competition.