FOR IMMEDIATE RELEASE – February 2, 2006

WASHINGTON, D.C. – The U.S.-Korea Business Council praised today’s announcement by U.S. Trade Representative Rob Portman and Korean Trade Minister Kim Hyun-chong that the United States and South Korea will launch free trade agreement (FTA) negotiations. 

 

“This will be the largest free trade agreement for the United States since NAFTA,” said U.S.-Korea Business Council Chairman William Rhodes.  “Moreover, it will further expand and strengthen the economic and political relationship between our two countries. The Council fully supports the launching of FTA talks, and we commend Ambassador Portman and Minister Kim for their leadership in bringing our two governments to the negotiating table.”

 

A U.S.-Korea FTA would bring significant economic benefits to both the United States and South Korea.  Bilateral trade between the United States and South Korea grew to $72 billion in 2004.  South Korea is the United States’ seventh largest trading partner and fifth largest market for U.S. agricultural goods and the United States is Korea’s second-largest trading partner and its largest source of foreign direct investment.   

 

“A comprehensive and commercially viable FTA will increase two-way flows of trade and investment and will have tangible benefits for both countries, promoting significant opportunities both for U.S. and Korean business and investors,” said Myron Brilliant, president of the U.S.-Korea Business Council.  “Moreover, an FTA could be a catalyst for promoting successful multilateral trade negotiations as well as generate substantial benefits to our two countries and the Asia-Pacific region.”

 

The Council is serving as the secretariat of the U.S.-Korea FTA Business Coalition, a membership group of more than 70 businesses and associations dedicated to ensuring that U.S. business community priorities are addressed in FTA negotiations and to supporting the future passage of an FTA in Congress.

 

The U.S.-Korea Business Council is the premier bilateral business organization between the United States and South Korea, comprised of over 40 major U.S. companies firmly committed to the Korean market, and hosted by the U.S. Chamber of Commerce.