Breakthrough on U.S. Beef Gives New Momentum to Korea FTA

WASHINGTON, D.C. - The U.S. Chamber of Commerce praised today's announcement that the Korean government has agreed to fully reopen its market to U.S. beef exports in line with international standards-removing a major barrier to congressional consideration of the U.S.-Korea Free Trade Agreement (FTA).

"A significant obstacle has been cleared that gives us great momentum to bring the benefits of this agreement to Congress," said Myron Brilliant, the U.S. Chamber's vice president for Asia Affairs.

Korea closed its market to U.S. beef exports in December 2003 following the discovery of a case of BSE in the United States. While Korea partially reopened its market to boneless U.S. beef under the age of 30 months in January 2006, Congress and the Administration said that Korea's market must be fully reopened to U.S. beef before the agreement will be submitted to Congress.

"It's better to be in the game than be out of it, and with this breakthrough we've certainly proven we're in the game," said Brilliant. "The business community is charged up and ready to take our campaign to expand trade and create new jobs in America to Congress."

The U.S.-Korea FTA is the largest U.S. trade agreement in over a decade. The U.S. International Trade Commission has estimated that U.S. GDP would increase by $10 billion to $12 billion from the reduction of tariffs on U.S. goods under the agreement.

The U.S. Chamber is a leading member of the U.S.-Korea FTA Business Coalition, a membership group of more than 500 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.

# # #

08-118