Chamber Welcomes Announcement of U.S.-Korea Free Trade Agreement

WASHINGTON, D.C.-The United States Chamber of Commerce welcomed the announcement that U.S. and Korean negotiators had reached conclusion of a free trade agreement (FTA).

"We're pleased that the administration and the Korean government came to an accommodation that they believe will be acceptable to their domestic industries," said Chamber President and CEO Thomas J. Donohue. "From what we understand, this is a good agreement that will go a long way toward opening the world's 10th largest economy to U.S. exports and bring substantial benefits for American manufacturers, farmers, and service providers. We look forward to reviewing the details of this agreement, but are hopeful we can lend it our enthusiastic support."

Bilateral trade between the United States and Korea grew to $78 billion in 2006. Korea is the United States' seventh largest trading partner and the fifth largest market for U.S. agricultural goods, and the United States is Korea's third largest trading partner and largest source of foreign direct investment. U.S. exports to Korea grew by 17% last year.

The U.S. Chamber is a leading member of the U.S.-Korea FTA Business Coalition, a membership group of more than 200 businesses and associations dedicated to ensuring that U.S. business community priorities are addressed in FTA negotiations.

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.

# # #

07-57