Businesses Urge Swift Adoption of U.S-South Korea FTA

Washington, DC-Organizations representing businesses from the United States and South Korea urged negotiators from their respective governments to quickly conclude a free trade agreement that they say would greatly benefit both countries.

"The time to act is now," said William Rhodes, chairman, president and CEO of Citibank, N.A., and chairman of the U.S.-Korea Business Council. "We can not allow this historic opportunity to strengthen economic and strategic ties pass us by."

The U.S.-Korea Business Council and the Korea-U.S. Business Council met in Carlsbad, California this past weekend to coordinate strategies to finalize an agreement and get it ratified. More than seventy executives of leading American and Korean corporations participated.

At the meeting, members of the councils expressed support for regulatory reforms in Korea's financial services sector, reviewed intellectual property rights policies and protection in the United States, Korea, and elsewhere, and reviewed factors affecting the investment climates of the two countries. Members also urged the U.S. government to admit Korea to the visa waiver program at the earliest possible time.

Bilateral trade between the United States and Korea reached nearly $72 billion in 2005. Korea is the United States' seventh-largest trading partner and seventh-largest export market. The United States is Korea's third-largest trading partner and its largest source of foreign direct investment.

"As representatives of the business communities in both countries, we urge the United States and Korean governments to quickly resolve outstanding issues and complete negotiations on a trade agreement," said Rhodes. "Both councils have pledged their help to the governments in the negotiation and legislative approval of a comprehensive agreement."

The U.S.-Korea Business Council, which is hosted by the U.S. Chamber of Commerce, and the Korea-U.S. Business Council, hosted by the Federation of Korean Industries, are comprised of leading U.S. and Korean companies and work to promote economic trade and investment between the United States and South Korea. 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.

www.uschamber.com

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