Monday, December 10, 2012

Tacoma Reps in National US-Korea Trade Conference

The Chamber’s Pres./CEO Tom Pierson accompanied Tacoma’s Mayor Marilyn Strickland, a featured speaker at the recent U.S.-Korea Investment and Trade Cooperation Forum.  Mayor Strickland was the only metro area representative on the State and Local Initiatives and Programs panel.

The Forum served as a platform on mutual investment opportunities for U.S. and Korean companies in Korea and the United States, as well as progress to date under the KORUS FTA, with various U.S. and Korean government officials.  The entry into force of the U.S.-Korea trade agreement on March 15, 2012 means countless new opportunities for U.S. exporters to sell more Made-in-America goods, services, and agricultural products to Korean customers – and to support more good jobs here.
U.S. foreign direct investment (FDI) in Korea was $1.3 billion between January and June 2012.  During this same period, Korea's FDI in the United States was $3.2 billion.  The U.S. Bureau of Economic Analysis website shows FDI figures by country of origin and by industry, but nothing that breaks these numbers out by project, or by county or city.    You can search for data at this link.
The U.S.-Korea Free Trade Agreement (KORUS FTA) is an international partnership designed to promote the free flow of products and services between the United States and Korea. This new economic relationship will spur business growth, create jobs, generate new markets for U.S. goods and services, and strengthen an important strategic alliance.
Taking advantage of their time in Washington, D.C. for the Forum, both Mayor Strickland and Tom Pierson met with Congressional Representative Cathy McMorrisRogers, a member of the House Energy and CommerceCommittee which covers a wide variety of issues, including broadband, health care, and energy – all of which are critical to Washington.
Pierson also visited with Congressmen Dave Reichert and Adam Smith’s staff and Sen. Patty Murray’s Appropriations’ Transportation Subcommittee staff.  

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