Business Welcomes Progress on US-Korea Trade Agreement

4033_image001New York, N.Y., December 3, 2010 – Today’s announcement of significant progress toward concluding a free-trade agreement between the United States and Korea was applauded by the United States Council for International Business (USCIB), which represents America’s top global companies and has long championed open markets.  It urged the United States to seize the momentum to move forward on other pressing trade initiatives.

“We are pleased that the U.S. and Korea are moving toward finalization of the Korea FTA,” stated USCIB Chairman Harold McGraw III (Chairman, President and CEO of The McGraw-Hill Companies).  “This commercially meaningful agreement will lead to growth and jobs in both countries.  The business community pledges to do its utmost to secure swift Congressional approval.”

Korea is already a key U.S. trading partner, and USCIB believes the FTA will 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 encourage the Obama administration to capitalize on this progress to further reinvigorate U.S. trade policy across the board,” stated USCIB President and CEO Peter M. Robinson.  “For too long, we have waited on the sidelines while others have moved ahead.  We have a lot of catching up to do.”

Mr. Robinson also said business would strongly support ratification of pending FTAs with Colombia and Panama, as well as completion of the WTO’s Doha Round.  “Trade already supports 38 million jobs here in the United States,” he stated.  “But we can do better.  Indeed, to secure a lasting economic recovery, we must do better.”

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

Jonathan Huneke, USCIB
+1 212.703.5043 (office), +1 917.420.0039 (mobile),

More on USCIB’s Trade and Investment Committee

Staff Contact:   Alice Slayton Clark

Director, Investment, Trade and China
Tel: 202.682.0051

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