U.S. Chamber Grassroots Campaign Visits Philadelphia to Highlight Benefits of Korea Free Trade Agreement

At Port of Philadelphia, Business, Union, and Government Leaders Point to More Than 14,000 Pennsylvania Jobs at Risk if Congress Fails to Act

PHILADELPHIA, PA—Today the U.S. Chamber of Commerce, joined by Korean Ambassador to the United States Han Duk-soo and local partners, visited the Port of Philadelphia to meet with the state’s political, business, and union leaders to continue its nationwide grassroots effort to promote the job-creating benefits of the Korea-U.S. Free Trade Agreement (KORUS).

“In order to create and save jobs in Pennsylvania, Congress needs to act on this trade agreement,” said Tami Overby, vice president for Asia Affairs at the U.S. Chamber. “Each day that passes is one in which this state’s workers and businesses are competing globally on an unlevel playing field.”

A U.S. Chamber study warned that failing to act on the Korea FTA could cause Pennsylvania’s Gross Domestic Product (economic output) to drop by $1.5 billion. More startling, Pennsylvania could lose 14,178 jobs, while nationwide the job loss could balloon to 345,017.

If Congress does act and passes this agreement, U.S. government data shows that it will benefit the Pennsylvania economy and create 70,000 new jobs nationwide. It will immediately open new access for the state’s goods and services into Korea’s $1 trillion economy by eliminating Korean duties on the state’s major agricultural products, such as grape juice, wine, and many dairy products. Similarly, Pennsylvania’s exports of manufactured goods – such as chemical products – will benefit from greater market access and fewer regulatory barriers.

Korea has already successfully completed a free trade agreement with the European Union that is expected to be implemented by July 1, 2011. Korea’s FTA negotiations with Canada are also in the advanced stages.

“The world is moving forward with free trade agreements of their own,” Overby said. “If the United States doesn’t get in the game, we’re going to find ourselves watching from the sidelines.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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