Letter from the U.S.-Korea Free Trade Agreement (FTA) Business Coalition urging Congress to pass the U.S.-Korea FTA
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September 10, 2008
TO THE MEMBERS OF THE UNITED STATES CONGRESS:
The members of the U.S.-Korea Free Trade Agreement (FTA) Business Coalition, which consists of more than 500 companies and organizations representing every sector of the American economy, urges Congress to pass the U.S.-Korea FTA, which will benefit American companies, farmers, ranchers, and workers. According to the U.S. International Trade Commission, the agreement will increase the United States' GDP by $10 to $12 billion and its exports by $10 to $11 billion. The agreement will help American companies remain competitive, increase productivity, and, by one estimate, create 150,000 high-paying U.S. jobs. The agreement would also provide hardworking American families with access to a wider variety of consumer products at lower prices, many of which are everyday necessities.
Given that the trade agreement with Korea will promote high standards for market access, investor protections, and increased exports, we believe it merits congressional consideration this year. Each day's delay means $3,000,000 in missed opportunities for American exporters and advantages for their foreign competitors. We urge Congress to hold hearings on the agreement to begin the process that we hope will lead to a vote on the agreement before adjournment. Members of our business coalition would be pleased to testify and provide written materials on the agreement.
We thank you for your consideration and look forward to working with you to pass this critical agreement.
The U.S.-Korea FTA Business Coalition