New York, N.Y., June 30, 2007 – The United States Council for International Business (USCIB), a pro-trade organization representing America’s top global companies, applauded today’s signing of a free trade agreement between the United States and Korea, which it cited as a major milestone in U.S. foreign trade policy.
“This agreement ranks among the most commercially significant America has entered into,” stated USCIB President Peter M. Robinson. “We congratulate our negotiators. They have secured an agreement that has huge potential economic benefits for U.S. business, workers, farmers and consumers.”
The comprehensive U.S. Korea Free Trade Agreement stands to eliminate nearly all tariffs on manufactured goods, and provide substantial new market access opportunities for U.S. services and agricultural exports. It also effectively addresses many non-tariff barriers.
Korea is a trillion-dollar economy and the seventh-largest U.S. trading partner. In 2006, bilateral trade in goods alone amounted to $78 billion, with U.S. exports to Korea totaling $32 billion in goods and $10 billion in services.
Mr. Robinson called upon Congress to ratify the agreement as soon as possible to maximize its benefits. He also expressed his hope that it would provide a spur to additional market opening trade agreements at the bilateral and multilateral levels.
USCIB promotes an open system of global commerce. Its membership includes some 300 leading U.S. companies, professional service firms and associations. As the American affiliate of three global business bodies – 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.