SOURCE: USCIB

April 02, 2007 12:03 ET

USCIB Welcomes Free Trade Agreement With Korea

NEW YORK, NY -- (MARKET WIRE) -- April 2, 2007 -- The United States Council for International Business (USCIB), a pro-trade group representing America's top global companies, today applauded completion of the U.S.-Korea Free Trade Agreement.

"This agreement with the world's tenth largest economy has the potential to bring huge economic benefits to U.S business, workers, consumers and farmers," said USCIB President Peter M. Robinson. "It is one of the most important free trade pacts the U.S. has ever achieved."

Yesterday, the U.S. and Korea announced completion of a comprehensive trade agreement that would eliminate nearly all tariffs on manufactured goods and offer substantial new market access for U.S services exports and agricultural products.

Korea is the seventh largest U.S. trading partner and export market, with $72 billion in bilateral trade in goods in 2005. The United States exported almost $40 billion worth of goods and services that year.

"We understand that not all of our objectives were realized in this compromise agreement," stated Mr. Robinson. "We will closely examine the text of the agreement before offering views on the substantive results."

USCIB provided comprehensive industry views on objectives for the U.S.-Korea free trade agreement in March 2006. These are available at: www.uscib.org/docs/USCIB_Comments_on_US-Korea_FTA.pdf.

USCIB promotes an open system of global commerce. Its membership includes some 300 leading U.S. companies, professional services firms and associations. As the American member of the leading international business and employers' organizations, USCIB provides business views to policy makers and regulatory authorities worldwide and works to facilitate international trade. More information is available at www.uscib.org.

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