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

WASHINGTON, D.C.—The U.S. Chamber of Commerce praised today's signing of the U.S.-Korea Free Trade Agreement (FTA).

"The U.S.-Korea FTA is a landmark agreement that will generate significant new benefits and opportunities for U.S. manufacturers, farmers, and service providers in Korea, giving them an edge over our global competitors in one of the world's largest economies," said Chamber President and CEO Thomas J. Donohue. "By opening the Korean market, the agreement stands to greatly expand trade and investment with Korea, one of our closest global partners."

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

"This agreement is important far beyond the benefits it will bring for our two countries," said Donohue. "It is also critical to our future economic relationships with other trading partners in Asia; the world's fastest growing regional market. The Chamber enthusiastically supports this agreement and will work to secure its approval by Congress."

The U.S. Chamber is a leading member of the U.S.-Korea FTA Business Coalition, a membership group of now more than 400 businesses and associations working to secure Congressional approval of the U.S.-Korea FTA. 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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