On October 12, Congress approved three pending bilateral free trade agreements (FTAs) between the United States and South Korea (H.R. 3080), Columbia (H.R. 3078) and Panama (H.R. 3079). The House approved the South Korea deal on a vote of 278-151, the Columbia deal 262-167 and the Panama deal 300-129. The Senate approved the South Korea measure 83-15, the Columbia FTA 66-33 and the Panama FTA on a vote of 77-22. The President is expected to quickly sign the three FTAs into law.

Additionally, as part of the agreement regarding the approval of the FTAs, Congress also approved legislation to extend the General System of Preferences (GSP) and the Trade Adjustment Assistance Extension Act of 2011 (H.R. 2832). The GSP is a trade related program designed to promote economic growth in the developing world by providing preferential duty-free entry for products. The program will be extended through July 31, 2013. Title II of the bill extends Trade Adjustment Assistance (TAA) for Workers through December 31, 2013. The TAA for Workers program, which assists American workers hurt by international trade, provides up to 78 weeks of training with an additional 13 weeks if necessary for the worker to complete the training. The legislation will provide states with $575 million per year for fiscal years 2012 and 2013 and $143 million for the calendar quarter October 1, 2013, through December 31, 2013, to cover training, employment, case management, job search and relocation allowances for TAA eligible workers. The bill also extends TAA for Firms, Communities and Farmers. The Senate passed the legislation on September 22 and the President is expected to sign the bill later this week.

Links: HR 3078 — Colombia FTA, HR 3079 — Panama FTA, HR 3080 — South Korea FTA, Fact sheets for the FTAs, H.R.2832