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각국 대통령 밀착취재

AMCHAM Korea Applauds Leaders’ Decision to Seek Near-term Ratification of Historic KORUS FTA

NBC-1TV World News


[By NBC-1TV H. J Yook]AMCHAM Korea expressed strong support for today’s announcement that remaining issues related to the U.S.-Korea Free Trade Agreement (KORUS FTA) have been resolved. In his official statement regarding the conclusion of the deal, President Obama underscored that: "[The agreement] deepens the strong alliance between the United States and the Republic of Korea and reinforces American leadership in the Asia Pacific.

I look forward to working with Congress and leaders in both parties to get this done…" President Lee stressed that: “This agreement is meaningful in that it reflected the balanced interest of both countries and creates a win-win for both nations” and also expressed his expectations for the passage of the FTA in both legislatures in the earliest timeframe possible.

“The agreement announced today provides renewed proof that the United States is willing and able to move forward with a free and fair trade agenda – one that will support the President’s focus on export promotion and job creation.

This Agreement is critical to the economies of both nations, but particularly to the durable recovery of the US job market through increased exports, made possible by the removal of trade barriers.

It also underscores Korea’s continued intention to stand as a global leader on the free trade front. This is a historic juncture we should all celebrate” stated AMCHAM Chairman David Ruch.

“Not only does the KORUS FTA contain many benefits for both countries, but we are also very aware that the Korea-EU FTA is expected to go into effect in July 2011, so today’s announcement is one that many of us have been waiting to hear for a long time, as time is not on our side” Ruch added.

Amy Jackson, AMCHAM President stated that: “AMCHAM Korea extends its deepest support and congratulations to U.S. and Korean governments for their leadership and their vision in getting this deal finally done.

The U.S.-Korea alliance is not only about political and military ties. Rather, it is a multi-faceted and comprehensive friendship. The KORUS FTA will add an important third pillar to our already strong bilateral political and military alliance.

Today’s announcement is great news for all of us, in particular for U.S. and Korean companies and workers who will soon be able to reap the many benefits that this agreement will bring to both countries.

We look forward to the exciting months ahead and will actively work with U.S. and Korean business leaders to take this agreement the final step.”


Background Under the FTA, nearly 95 percent of bilateral trade in consumer and industrial products will become duty free within three years of the date the FTA enters into force. Most remaining tariffs will be eliminated within 10 years. For agricultural products, the FTA would immediately eliminate or phase out tariffs and quotas on a broad range of products, with almost two-thirds (by value) of Korea's agriculture imports from the United States becoming duty free upon entry into force.

In addition to the significant tariff benefits this agreement will bring about immediately, the FTA will also help level the playing field for American businesses, farmers, and workers by bringing new predictability, transparency, and fairness into all aspects of the economy.

The U.S. International Trade Commission (ITC) estimated that the KORUS FTA will increase U.S. GDP by at least $10 billion and increase U.S. exports to Korea by $10-11 billion annually.

The Korea Institute for International Economic Policy (KIEP) estimated that Korea’s real GDP will increase by an additional 6% and Korean exports to the U.S. by $13.3 billion within 10 years of implementation of the agreement.

AMCHAM Korea has been a long-term and active supporter of the KORUS FTA.



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