FOR IMMEDIATE RELEASE - October 3, 2011                       Contact: Priscilla Baek 202-463-3116

U.S.-Korea Business Council Applauds Transmission of
U.S.-Korea FTA to Congress

Washington, D.C.-The U.S.-Korea Business Council hailed the announcement today by the White House that it is transmitting the implementing legislation for the U.S.-Korea free trade agreement (KORUS) to Congress.

"Today's action by the White House brings us one step closer to one of the most important opportunities in years to stimulate U.S. job creation through increasing exports to Korea's trillion dollar market," said William Rhodes, chairman of the U.S.-Korea Business Council and senior advisor to Citi. "We now call upon Congress to take action to approve KORUS without delay. Approval of KORUS is a vote for American leadership and engagement in Asia and around the world."

"Passage of KORUS will support U.S. competitiveness at a critical time when our economy needs it most. We cannot afford any longer to be shut out of key markets while our other major trading partners implement preferential trade agreements that exclude us," said Tami Overby, president of the U.S.-Korea Business Council and vice president for Asia at the U.S. Chamber of Commerce. "The Council and its members look forward to working together with the Obama Administration and Congress to get this deal approved."

The U.S.-Korea Business Council is the premier business organization promoting the bilateral relationship between the United States and Korea, and has been leading the charge on completing the KORUS FTA since the agreement was announced in February 2006. 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 1000 U.S. businesses and associations working to secure Congressional approval of the KORUS FTA.