President Barack Obama to Complete Korean-U.S. Free Trade Agreement

June 26, 2010

Congressman Gregory W. Meeks Applauds Announcement by President Barack Obama to Complete Korean-U.S. Free Trade Agreement

(WASHINGTON, DC)– Congressman Gregory W. Meeks (NY-6), Senior Member of the House Foreign Affairs Committee, Financial Services Committee and Chairman of the Subcommittee on International Monetary Policy and Trade, applauded President Obama’s announcement at the G-20 today to launch an initiative to complete the Korean-U.S. Free Trade Agreement (KORUS). Completing KORUS allows the U.S. to compete in one of the world’s important markets and as a result would help to create jobs at a time when they are desperately needed.
 
“This announcement by President Obama comes at a critical time when the U.S. economy is rebuilding after being hard hit by one of our country’s greatest recessions.  Completing KORUS will not only benefit the U.S. by creating additional jobs here at home, it will also serve to further deepen ties between the U.S. and South Korea.  There is no question that greater U.S. access South Korea, the 14th largest economy in the world, will be good for American producers and service providers,” stated Congress Meeks.
Without a ratified agreement in place the U.S. is in danger of seeing a further unfavorable imbalance in the U.S.-Korea import market share, and the U.S. risks losing advantage to the prospect of agreements between South Korea and several countries including Europe and Canada. Completing the KORUS would give the U.S. the ability to compete in the market without the many tariff and non-tariff barriers that currently stand in the way of market access in South Korea.
USTR Ambassador, Ron Kirk, will be working closely with Congress to ensure that proposals developed will adequately address the concerns of the U.S. and would ideally be completed for President Obama’s next visit at the G-20 meeting in November. 

Congressman Meeks added, “As a senior member on the House Foreign Affairs Committee and Financial Services Committee I plan to work closely with President Obama and USTR Ambassador Ron Kirk to ensure that this partnership between the U.S. and our important ally South Korea will become a reality in the near future.  We need the new jobs it will generate and cannot afford to lose current jobs that we would not retain if we lose what studies estimate could be $30 billion in exports without this deal. ”
 
Now serving in his sixth full-term, Meeks was elected to the House on February 3, 1998. Representing New York's Sixth Congressional District in the United States House of Representatives, Meeks' district covers all towns of Southeast Queens, Far Rockaway and Howard Beach. He is a member of the House Committee on Financial Services and the Committee on Foreign Affairs.  Congressman Meeks is the Chairman of the International Monetary Policy & Trade Subcommittee of the House Financial Services Committee.  He is a Member of the Congressional Black Caucus (CBC), New Democrats Coalition and the Democratic Leadership Council (DLC).  He serves as the Co-chair of the Malaysia Caucus, Services Caucus, Dialogue Caucus, OAS Caucus and the Middle East Economic Partnership Caucus.

Chairman Levin Statement on Korea FTA

June 26, 2010

By Matthew Beck (202) 225-8933 WASHINGTON, D.C. – Ways and Means Committee Chairman Sander M. Levin (D-MI) issued the following statement in response to the Obama Administration's announcement today on the U.S. - South Korea Free Trade Agreement:
"The long standing problem with the U.S.-South Korea FTA as negotiated by the Bush Administration is that it does not effectively address the regulatory and tax barriers that have led to one way trade and hurt our industrial sector as well as kept out our beef. Until recently, South Korea was unwilling to discuss changes to address these vital issues in the industrial sector so they may be incorporated in the FTA along with the existing provisions for U.S. trade in agriculture and services.
"Congress expects to be consulted actively in these negotiations, and the date targeted by the President can be met only if the outstanding issues are fully addressed with enforceable commitments."

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