U.S.-Korea Business Councils Meet to Outline a Path Forward on KORUS FTA

U.S.-Korea Business Councils Meet to Outline a Path Forward on KORUS FTA
345,000 Jobs in the United States at Risk if Agreement is not Implemented

WASHINGTON, D.C.—On the heels of President Obama echoing the U.S. Chamber of Commerce's call to double U.S. exports in the next five years, the U.S.-Korea and Korea-U.S. Business Councils launched their interim joint meeting today to discuss the next steps toward advancing the U.S.-Korea Free Trade Agreement.

"The U.S.-Korea FTA is not just a trade agreement—it is a job creation and competitiveness agreement," said Tami Overby, president of the U.S.-Korea Business Council and vice president for Asia, U.S. Chamber of Commerce. "It will lay the foundation for achieving the president's goal of doubling U.S. exports over the next five years."

In his State of the Union address, President Obama called for doubling U.S. exports over the next five years, which he said would support two million U.S. jobs. He cautioned that "if America sits on the sidelines while other nations sign trade deals, we will lose the chance to create jobs on our shores," and pledged to "strengthen our trade relations in Asia and with key partners like South Korea."

"Our leaders recognize that the U.S.-Korea FTA is part of the solution to U.S. job creation and our economic recovery," said Bill Rhodes, chairman of the U.S.-Korea Business Council. "By removing barriers to trade and investment facing U.S. manufacturers, farmers, and services providers, the agreement will generate new demand in Korea for U.S. goods and services and create new American jobs."

The U.S.-Korea FTA would contribute significantly to job growth by increasing exports to one of the United States' largest trading partners. According to a recent study by the U.S. Chamber, 345,000 jobs in the United States are at risk if the agreement is not implemented. The U.S. International Trade Commission has estimated that the reduction of tariff and non-tariff barriers to U.S. manufactured and agricultural goods under the agreement would increase U.S. exports to Korea by $10 billion to $11 billion.

The U.S. Chamber of Commerce is the world's largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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