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PRESS
RELEASE
 CONGRESSMAN BURTON
URGES SUPPORT FOR U.S.-KOREAN FREE TRADE AGREEMENT
(WASHINGTON,
JUNE 14, 2006) U.S. Rep. Dan Burton (R-Ind.) this week expressed his
support for negotiations toward a U.S-Korea free trade agreement (FTA).
His remarks, emphasizing the significance of a new partnership between
the two countries, appeared in the Congressional Record on June 13.
Congressman Burton, vice chair of the House International Relations
Committee's Subcommittee on Asia and the Pacific, argued for the strategic
importance of a trade pact with South Korea, noting that it is "not
only a strong economic partner, but an important geographical ally
as well."
South Korea is the 10th largest economy in the world, the 7th largest
U.S. trading partner, and the 5th largest U.S. agricultural market.
For more than 50 years, South Korea has shared a mutual defense treaty
with the United States and, as Burton pointed out, has contributed
deployed troops to Iraq and Afghanistan.
According
to the U.S. International Trade Commission, a free trade agreement
would raise total U.S. exports to Korea by over 50 percent, including
an increase of 200 percent (over four years) for agricultural products
alone. Burton added that reducing Korea's average tariff of 11 percent
(three times greater than U.S. average) on goods could bring substantial
benefits to U.S. businesses, farmers, and ranchers.
Burton noted that a U.S.-Korean FTA would result in a positive impact
on U.S. job growth by promoting investment. Korean investors like
Hyundai, Samsung, and Kia have created high-paying jobs for Americans.
South Korea is the 10th-largest export market for Indiana, which will
also benefit from the FTA. In fact, Indiana Governor Mitch Daniels
plans to visit Asia this week to help develop "long-lasting economic
relationships" with Korean companies.
Given these economic and strategic advantages for freer trade between
the two countries, Burton said that the FTA would be the most commercially
significant trade accord in 15 years, "enabling both to compete
better in China and elsewhere around the world."
Burton urged his colleagues to support the U.S.-Korea free trade negotiations,
stressing that "this new partnership between the United States
and Korea is sure to be a win-win for both of our countries."
A copy of the text of Congressman Burton's remarks can be found at
http://www.scribeus.com/eor_burton_060613.pdf.
To: National and International desks, Business Reporter, Congressional
Correspondent
Contact:
Thomas Kim, 202-393-4884
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