In Seoul, Donohue Calls for Action on Pending Korea-U.S. Free Trade Agreement
'If we're serious about creating jobs in the United States, we need to see action on this agreement,' says Donohue
SEOUL, SOUTH KOREA--U.S. Chamber of Commerce President and CEO Thomas J. Donohue began a four-day trade mission to Seoul, South Korea today to offer his support for immediate action on the pending Korea-U.S. Free Trade Agreement (KORUS).
"If we're serious about creating jobs in the United States, we need to see action on this agreement," said Donohue. "The linchpin to reaching our goal of doubling exports in the next five years is going to be passing this deal."
In Seoul, Donohue will address the American Chamber of Commerce in Korea to highlight the mutual benefits of implementing KORUS. He will also meet with government and business executives from the region and leaders attending the G-20 Business Summit.
A Chamber study found that 345,000 U.S. workers stand to lose their jobs if the agreement is not implemented while other countries' FTAs with Korea enter into force.
"If American businesses are going to succeed in these challenging economic times, we can't stand by idly as other nations strike trade deals that exclude us," Donohue said. "Half of the world's economy is now in Asia. You can't score points if you aren't even on the field -- we need to get back into the game."
According to the U.S. government, implementing the agreement would boost U.S. GDP by nearly $12 billion and generate nearly $11 billion in U.S. merchandise exports. It would generate an additional boost to U.S. exports to other countries of more than $5 billion. These figures do not include the great potential for growth of the U.S. services industry.
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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