Korea-U.S. Free Trade Agreement Benefits CA Industry
The recent collapse of international trade talks in Geneva makes it clear that the United States must become more bullish in forging ahead with its own trade agreements with developing nations. On the heels of President Bush’s trip to South Korea, where President Bush and South Korean President Lee Myung-Bak reiterated their support for building robust bilateral trade, our Congress needs to take serious steps toward enacting a free trade agreement with this vital and emerging trade partner. The Administration is hoping that the President’s trip to Korea served as a catalyst for Congress to see the real benefits of free trade with South Korea and enact an agreement that has been sitting in limbo—mired in partisan debate—since the summer of last year.
South Korea is a key ally with strong diplomatic ties to the United States. Improving trade relations with our seventh largest international partner—a country that now produces a trillion dollar economy—would bring new energy and vitality to a U.S. – Korea partnership and could help Korea become our third-largest free trade partner — exceeded only by the European Union and NAFTA.