The FINANCIAL -- Ahead of the president’s trip to Korea, the U.S. Chamber of Commerce and the U.S.-Korea Business Council released a study on November 6 exposing the economic cost—particularly in lost American jobs—resulting from the failure to approve the U.S.-Korea Free Trade Agreement (KORUS).
“Nearly 350,000 American jobs are at risk if this trade accord with Korea isn’t approved,” said Myron Brilliant, the Chamber’s senior vice president of International Affairs and outgoing U.S.-Korea Business Council president. “As U.S. unemployment hits double digits, this agreement is an immediate job-creating stimulus.”
Released at the U.S.-Korea Business Council’s 22nd annual plenary meeting today, the study is entitled Failure to Implement the U.S.-Korea Free Trade Agreement: The Cost for American Workers and Companies. It found the U.S. could suffer a net loss of nearly 350,000 jobs, $35 billion in export sales, and $40 billion in GDP if it fails to implement its pending trade agreement with Korea while the European Union moves ahead with its own agreement with Korea.
“If we delay, American workers and farmers will be put at a competitive disadvantage in Korea,” Brilliant said. “U.S. manufacturers and service providers will be undercut in the Korean market, and we’ll feel the job losses at home.”
The U.S.-Korea Business Council is the leading business organization promoting the bilateral relationship between the United States and Korea. The Council serves as secretariat of the U.S.-Korea FTA Business Coalition, a group of over 800 U.S. businesses and associations that is working to secure Congressional approval of the U.S.-Korea FTA.
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