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Though much has changed in the 100 years since the first meeting of what would become the National Foreign Trade Council, the goals have remained the same: the importance of international trade for the growth of businesses, cities and the American economy, and the need for the federal government to pursue policies for opening markets and ensuring fair, rules-based trade across the globe.
Even as we celebrate the centennial of the National Foreign Trade Council, we’re on the verge of a new era in international trade—negotiations continue on the future of trade through the Trans-Pacific Partnership (TPP), the Transatlantic Trade and Investment Partnership (T-TIP), and the Trade in Services Agreement (TiSA). Let’s consider the success and positive impact of past free trade agreements (FTAs) on U.S. trade and exports.
Exports and international trade opportunities continue to grow thanks, in large part, to free trade agreements.
In 2013, total U.S. exports of goods totaled $1.6 trillion—the highest on record. This includes highest recorded totals for exports of foods, feeds and beverages; industrial supplies and materials; capital goods; automotive vehicles; and consumer goods (to name just a few).
Total exports of goods and services grew 2.8% from 2012 to 2013, from $2.210 trillion to $2.272 trillion.
Free trade agreements help exporters expand their potential audience—big time. Ninety-five percent of consumers are outside of the United States, and tax treaties are a crucial component to growth and balanced competition.
According to the U.S. Chamber of Commerce, "tremendous benefits have flowed from U.S. Free Trade Agreements (FTAs), which cover 17 countries. These countries represent approximately 7 percent of global GDP outside the United States, and yet, last year, these markets purchased more than 41 percent of U.S. exports, according to the U.S. Department of Commerce. In other words, U.S. FTAs do an outstanding job making big markets even out of small economies."
International trade provides local jobs that help American communities thrive. Specifically, small- and medium-sized enterprises are a force and catalyst in our global economy.
The U.S. Department of the Treasury estimates that more than 50 million Americans work for companies that engage in international trade. According to Trade Supports Jobs, “One in three manufacturing jobs depends on exports. Just as manufacturing is leading the U.S. economic recovery, exports are powering the resurgence in the U.S. manufacturing sector.” Strong export performance was a major component of U.S. manufacturers boosting their output by 81% between 1988 and 2008.
Think your business is too small to have an impact? Not at all. Nearly 98% of exporters in the United States are small- and medium-sized businesses, which the U.S. Census Bureau calls businesses with less than 500 employees. That's 295,594 companies. These businesses account for a third of U.S. merchandise exports, according to the U.S. Department of Commerce.
The impact of foreign trade agreements not only strengthens our local economies, it increases the United States’ competitiveness, potentially making our products and our currency more valuable. When small- and medium-sized businesses compete, their successes compound, making the United States a better place to live, work and, of course, export!
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| LBBR5-2LS bearing | 5 | 10 | 15 |
| LBBR4-2LS bearing | 4 | 8 | 12 |