FOR IMMEDIATE RELEASE
Wednesday, January 12, 2011
CONTACT OFFICE OF PUBLIC AFFAIRS
The members of the Manufacturing Council today submitted a letter to Commerce Secretary Gary Locke supporting the passage of the U.S.-Korea Trade Agreement (KORUS). In the letter, the Council praised KORUS as an agreement that “will create thousands of new manufacturing jobs, further the national goal of doubling exports in five years, and demonstrate that the United States is once again ready to lead on global trade efforts.”
“The U.S.-Korea trade agreement will provide important opportunities for U.S. businesses by eliminating barriers to trade in goods and services, promoting economic growth in both countries and strengthening trade between the United States and Korea,” Locke said. “I welcome the support of the Manufacturing Council. The Korea trade agreement will help us realize the goals of the President’s National Export Initiative, lead to the export of billions of dollars worth of American goods and services to Korea and create good-paying American jobs.”
Between 2007 and 2009, overall trade in goods between the United States and Korea averaged $77.5 billion, making Korea our 7th largest trading partner. The trade agreement will build on that relationship by improving access for U.S. companies to the Korean market. The U.S. International Trade Commission has estimated that eliminating tariffs alone will increase exports of American goods to Korea by nearly $11 billion.
The United States is the world’s leading manufacturer, employing nearly 12 million Americans who make 18 percent of the world’s manufactured goods.
Recommendations from and information about the Manufacturing Council is available at www.manufacturing.gov.