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Press Releases

USCIB Applauds Presidentís Pledge to Move Forward on Korea Free Trade Agreement

New York, N.Y., June 28, 2010 Ė The United States Council for International Business (USCIB), which represents Americaís top global companies, released the following statement today:

USCIB applauds the announcement by President Obama, at the G20 Summit in Canada, of the United Statesí determination to move forward on the U.S.-Korea free trade agreement currently awaiting submission to Congress.

Korea is already a key U.S. trading partner.† Ratification of the Korea FTA would solidify market access in this important and growing market for U.S. companies, providing a boost to employment at home and to U.S. competitiveness overall.

We hope this decision signals renewed vigor and forward movement in U.S. trade policy.† The Korea agreement and other pending bilateral FTAs deserve prompt attention from Congress.† Other nations have not stood still.† Indeed, the European Union recently agreed to a free trade agreement with Korea.† We must maintain forward momentum in our trade policy or risk being left behind.

USCIB also calls upon the Obama administration to join with the G20 and other trading partners to revive serious negotiation toward completing the stalled Doha Round of trade talks in the WTO.† Through our international affiliates, we have worked to develop a strong worldwide business consensus in favor of a balanced, ambitious and comprehensive Doha Round agreement.

At a time when we are facing the prospect of a double-dip recession along with major public-sector financial difficulties in many nations, such an agreement would provide much-needed stimulus to the global economy, and would help lay the foundation for sustained recovery and growth.

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation.† Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world.† With a unique global network encompassing the International Chamber of Commerce, the International Organization of Employers and the Business and Industry Advisory Committee to the OECD, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.† More information is available at www.uscib.org.

Contact:

Jonathan Huneke, VP Communications, USCIB

+1 212.703.5043 or jhuneke@uscib.org

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