Thursday, August 4, 2011

KorUS: Path Ahead Clears

The U.S.-Korea FTA Business Coalition welcomed statements yesterday by Senate Majority Leader Harry Reid and Republican Leader Mitch McConnell that they had agreed on a pathway forward for consideration of the U.S.-Korea Free Trade Agreement, along with the Colombia and Panama trade agreements and Trade Adjustment Assistance, and urged Congress to move expeditiously to approve the agreements following the August congressional recess.

"We are encouraged that the leadership of both parties have reached agreement on the road forward for these agreements," said Lisa Barry, vice president and general manager, government affairs, Chevron, and a corporate co-chair of the U.S.-Korea FTA Business Coalition. "The opportunities KORUS offers to support hundreds of thousands of high-quality American jobs are too important for us to delay action any longer. It is important that Congress move as quickly as possible, following the August recess, to approve these agreements."

The U.S. International Trade Commission has estimated that the reduction of tariff and non-tariff barriers to U.S. manufactured and agricultural goods under the U.S.-Korea trade agreement would increase U.S. exports to Korea by $10 billion to $11 billion. The agreement has the potential to create as many as 280,000 jobs, according to an updated assessment of the agreement prepared by U.S. International Trade Commission economic staff at the request of the Senate Committee on Finance Subcommittee on Trade.

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