US Trade Representative Rob Portman last week announced the Bush Administration’s intent to negotiate a free trade agreement with the Republic of Korea with the goal of removing tariffs and non-tariff barriers and expanding trade between the two countries.
The dialogue with South Korea, the world's tenth largest economy, will, according to Mr Portman, be the "most commercially significant" free trade negotiation undertaken by the US government in the past 15 years.
As America's seventh largest export partner, bilateral trade between the US and South Korea was valued at $72 billion in 2005.
"Removing trade and investment barriers between our two nations through an FTA will increase market access for our farmers, ranchers, workers and businesses to the dynamic and growing Korean economy, boosting trade in goods and services," observed Mr Portman at the United States Capitol building where he was joined by South Korea’s Minister of Trade Hyun-chong Kim, and a bipartisan group of leaders in Congress.
"Few countries better represent the promise of open markets, democracy and economic reform than Korea," Mr Portman added.
Major US exports to Korea include agriculture products, aircraft, machinery, and organic chemicals. Major Korean imports to the US include cars, telecommunications equipment and electrical machinery.
Under the presidency of George W. Bush, the United States has been aggressively working to open markets globally, regionally and bilaterally and expand American opportunities in overseas markets, a policy which has drawn bipartisan support.
“For too long, the United States has pursued politically-motivated trade agreements with very small countries of little economic significance that create few jobs at home," said Sen. Max Baucus (D - Mon) in a statement released in support of the administration's decision to seek an FTA with South Korea.
"I applaud Ambassador Portman for re-energizing US trade policy and focusing on markets like Korea that really matter to US exporters," he added.
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