FOR IMMEDIATE RELEASE – December 3, 2010
Contact: Priscilla Baek 202-463-3116

U.S.-Korea Business Council Urges Swift Ratification of KORUS

The U.S.-Korea Business Council praised the announcement today by the U.S. and Korean governments that they have reached agreement on addressing outstanding issues related to the U.S.-Korea Free Trade Agreement (KORUS FTA).

"This is a breakthrough that brings us one step closer to implementing the KORUS FTA," said Bill Rhodes, chairman of the U.S.-Korea Business Council and senior advisor, Citi. "Implementation of this agreement, with the United States' seventh-largest goods trading partner, is a national priority. It promises to support jobs and bolster economic growth across the United States. It will also advance U.S. economic competitiveness in Asia at a time when our key markets there are integrating their economies without us."

"We commend U.S. Trade Representative Ron Kirk, Korean Trade Minister Kim Jong-hoon, and the U.S. and Korean trade negotiators for their tremendous efforts to resolve outstanding issues on the KORUS FTA," said Tami Overby, president of the U.S.-Korea Business Council and vice president, Asia, U.S. Chamber of Commerce. "Our companies are very excited about the new opportunities this agreement will bring to America, and we are delighted that America is getting back in the trade game in Asia."

The U.S.-Korea Business Council has been leading the charge on completing this free trade agreement since it was announced in February 2006, and is the leading business organization promoting the bilateral relationship between the United States and Korea. Hosted by the U.S. Chamber of Commerce, the council serves as secretariat of the U.S.-Korea FTA Business Coalition, a group of more than 900 U.S. businesses and associations that is working to secure Congressional approval of the KORUS FTA.

Source: www.uskoreacouncil.org