Congressman Gregory W. Meeks Applauds Announcement By President Barack Obama on U.S. South Korea 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, released the following statement applauding President Obama’s announcement today of the agreement reached on the U.S. Korea Free Trade Agreement (KORUS):

“This announcement by the Obama Administration comes at a critical time for many Americans. Our country is currently rebuilding from one of the worst economic crises in history and many Americans have suffered from unemployment. By completing KORUS, at least 70,000 jobs will be supported, which will bring much economic relief to many families across the U.S.
“Today’s agreement has brought about many of the critical changes that were necessary to complete KORUS, with many concerns regarding the provisions of the auto-sector being settled. Under the 2007 FTA, almost 90% of Korea’s auto exports to the United States would have received duty free access on the first day of the enforcement of the FTA. With the agreement that was reached today, duty elimination for Korea’s auto exports will now be delayed for five years, which will give U.S. automakers the opportunity to establish their brand in the Korean market. Additionally, the agreement also included the first auto specific safeguard that is designed to protect against potential surges of Korean cars and trucks once the applicable tariffs have been eliminated.”
“Korea and New York have been strong allies with one another and this agreement will strengthen the relationship even further. New York is the 4th largest state exporter to Korea and Korea is New York’s 9th largest export market.
“I fully support today’s agreement and look forward to working with President Obama and my colleagues in Congress in implementing the provisions of this FTA. KORUS will deepen ties between the U.S. and South Korea and provide greater access to the 14th largest economy in the world, which will be essential for the growth of American producers and service providers. I also look forward to working with the Obama Administration to resolve the free trade agreements with Panama and Colombia.”}