| U.S. Chamber Grassroots Campaign Visits Orlando to Highlight Benefits of Korea Free Trade Agreement |
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29/03/2011 03:27 (783 Day 18:42 minutes ago) | |||||
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The FINANCIAL -- On March 28 the U.S. Chamber of Commerce, joined by Korean Ambassador to the United States Han Duk-soo and local partners, visited Orlando to meet with the state’s government and business leaders to continue its nationwide grassroots effort to promote the job-creating benefits of the Korea-U.S. Free Trade Agreement (KORUS).
“The way to meet the goal of doubling exports over the next five years is by passing this agreement,” said Tami Overby, vice president for Asia Affairs at the U.S. Chamber. “The Korea FTA is a no-cost way to create jobs and grow the economy.”
A U.S. Chamber study warned that failing to act on the Korea FTA could cause Florida’s Gross Domestic Product (economic output) to drop by $2.1 billion. More startling, Florida could lose 19,417 jobs, while nationwide the job loss could balloon to 345,017.
The U.S. Chamber has long called for action on the pending free trade agreements with Colombia, Panama and South Korea. If Congress does act and passes the Korea FTA, a Congressional study shows that it will benefit the Florida economy and create 280,000 new jobs nationwide. It will immediately open new access for the state’s goods and services into Korea’s $1 trillion economy by eliminating Korean duties on Florida’s major agricultural products, such as frozen orange juice. Similarly, Florida’s exports of medical equipment and manufactured goods will benefit from greater market access and fewer regulatory barriers.
Korea has already successfully completed a free trade agreement with the European Union that is expected to be implemented by July 1, 2011. Korea’s FTA negotiations with Canada are also in the advanced stages.
“More than 19,000 jobs in Florida are at risk if this trade accord with Korea isn't approved," Overby said. “The world is moving forward with free trade agreements and the United States has to get into the game if they want to see the benefits.”
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