U.S.-Korea Business Council Chairman William Rhodes issued the following statement on the announcement today by Senate Finance Committee Max Baucus that the committee will hold a mock markup of the draft implementing bills for the U.S.-Korea trade agreement, along with the Colombia and Panama FTAs:

“We welcome the news of today’s breakthrough on the KORUS FTA, and on the pending agreements with Colombia and Panama. With this significant step forward on these job creating agreements, it is essential that we not lose momentum in bringing them into effect as quickly as possible. Every day we delay action, American workers and businesses risk of losing competitiveness and market share in Korea’s trillion dollar economy. In addition, we believe that Trade Adjustment Assistance plays an important role in advancing a bipartisan trade agenda."

"We encourage Congress to take action to approve the KORUS FTA before the August recess. American manufactures, farmers, and services providers have waited four years to take advantage of the tremendous growth opportunities that the KORUS FTA will provide for American businesses. Failure is not an option. The Council and its members will take every action to build the broadest possible support for the agreement."

The U.S.-Korea Business Council 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 nearly 1000 U.S. businesses and associations working to secure Congressional approval of the KORUS FTA.

Click here for the PDF version of this statement.