Business Roundtable Calls on Administration and Congress to Move U.S.-Korea Free Trade Agreement Forward
WASHINGTON--(Business Wire)--
Following the Korean Government's announcement that it will reopen
its market to U.S. beef exports, Business Roundtable today urged
Congress and the Administration to move ahead quickly on the
U.S.-Korea FTA.
"The reopening of the Korean market to our American beef exports
marks a critical moment in the progression of this important
agreement," said John J. Castellani, president of Business Roundtable.
"With this opportunity at hand, Business Roundtable reaffirms its
commitment to working with our policymakers in a bipartisan effort to
pass and implement the Korea FTA as soon as possible."
South Korea already has free trade agreements with Chile and
Singapore, and negotiations with the European Union are, according to
EU negotiators, making "enormous progress." The next round of EU-South
Korea FTA negotiations is scheduled for this month.
Castellani cited the importance of ensuring American workers are
not put at a competitive disadvantage in the international
marketplace. The U.S.-Korea free trade agreement will level the
playing field for the country's exporters by removing barriers to U.S.
products and services and will ensure increased opportunity for the
nearly one in five Americans who depend on trade for their jobs. Under
the FTA, almost 95 percent of U.S. trade with Korea will be duty-free
within three years, with all remaining tariffs eliminated in ten
years. The FTA also eliminates other major barriers to U.S. goods,
services, and investments in all sectors.
"The free trade agreement with Korea - the tenth largest economy
in the world - provides a rare, historic opportunity to expand trade
and investment with an important economic and strategic partner in
Asia while creating U.S. jobs," reinforced Castellani.
Without swift passage of the U.S. Korea agreement, Castellani
warned, the livelihood of the more than 31 million Americans who
depend on trade for their jobs could be at risk.
Business Roundtable has conducted extensive state-by-state
research which demonstrates how the Korea FTA is good for the U.S.
economy. To view these studies, visit
http://trade.businessroundtable.org.
Business Roundtable (www.businessroundtable.org) is an association
of chief executive officers of leading U.S. companies with $4.5
trillion in annual revenues and nearly 10 million employees. Member
companies comprise nearly a third of the total value of the U.S. stock
markets and represent over 40 percent of all corporate income taxes
paid to the federal government. Collectively, they returned $114
billion in dividends to shareholders and the economy in 2006.
Business Roundtable
Kirk Monroe, 202-496-3269
Copyright Business Wire 2008
