U.S. Chamber Calls for Comprehensive, Viable U.S.-South Korea Free Trade Agreement

WASHINGTON, D.C.—The Chamber is urging the U.S. and South Korean governments to negotiate a comprehensive and commercially viable free trade agreement (FTA) in which no product or service is excluded. Earlier today, U.S. Trade Representative Rob Portman and Korean Trade Minister Kim Hyun-chong announced that the United States and South Korea had agreed to launch FTA negotiations.

"A mutually beneficial FTA will advance U.S. business interests by improving market access for agricultural and manufactured goods, opening services markets, and enhancing intellectual property and investor protections," said U.S. Chamber President and CEO Tom Donohue.

Bilateral trade between the U.S. and South Korea grew to $72 billion in 2004. South Korea is the United States' 7th largest trading partner and the 5th largest market for U.S. agricultural goods, and the U.S. is South Korea's second-largest trading partner and largest source of foreign direct investment.

South Korea is also a critical partner for the United States, given its strategic location in Northeast Asia. "South Korea is a close friend and ally of the United States, and an FTA will further contribute to security and stability of the Asia-Pacific region," said Donohue.

The Chamber is a leading member of the U.S.-Korea FTA Business Coalition, a membership group of over 70 businesses and associations dedicated to ensuring that U.S. business community priorities are addressed in FTA negotiations and to supporting the future passage of an FTA in Congress.

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector and region.

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06-13