Free Trade Agreements (FTAs) have proven to be one of the best ways to open-up markets by enhancing rules of trade law, reducing tariff and non-tariff barriers and by creating a more stable and transparent trading and investment environment. The free flow of commerce is essential to maximizing global economic growth and prosperity, and even has implications for national security.
Ever since Adam Smith there has been virtual unanimity among economists, whatever their ideological position on other issues, that international free trade is in the best interests of trading countries and of the world.
ExxonMobil’s approach to the management of international trade and investment focuses on:
- Advancing free and transparent trade and investment agreements.
- Supporting efforts to enhance the global movement of goods and services, information, capital and investment in an open, secure and unbiased manner.
The U.S. should use the economic power of its free enterprise system to help promote access to markets, the rule of law and sanctity of commercial contracts. Enlarging markets including those for oil, gas and chemicals, benefits all consumers and promotes the efficient production and distribution of goods.
Barriers to free trade and open investment in the energy sector can dampen economic growth and harm the nation’s energy security by limiting the diversity of energy supplies, including those produced in the United States.