BUSINESS ROUNDTABLE CALLS ON ADMINISTRATION AND CONGRESS TO MOVE U.S.-KOREA FREE TRADE AGREEMENT FORWARD

WASHINGTON, D.C. - April 18, 2008 – Following the Korean Government’s announcement that it will reopen its market to U.S. beef exports, Business Roundtable today urged Congress and the Administration to move ahead quickly on the U.S.-Korea FTA.

“The reopening of the Korean market to our American beef exports marks a critical moment in the progression of this important agreement,” said John J. Castellani, president of Business Roundtable.  “With this opportunity at hand, Business Roundtable reaffirms its commitment to working with our policymakers in a bipartisan effort to pass and implement the Korea FTA as soon as possible.”

South Korea already has free trade agreements with Chile and Singapore, and negotiations with the European Union are, according to EU negotiators, making “enormous progress.”  The next round of EU-South Korea FTA negotiations is scheduled for this month.

Castellani cited the importance of ensuring American workers are not put at a competitive disadvantage in the international marketplace.  The U.S.-Korea free trade agreement will level the playing field for the country’s exporters by removing barriers to U.S. products and services and will ensure increased opportunity for the nearly one in five Americans who depend on trade for their jobs.  Under the FTA, almost 95 percent of U.S. trade with Korea will be duty-free within three years, with all remaining tariffs eliminated in ten years.  The FTA also eliminates other major barriers to U.S. goods, services, and investments in all sectors. 

“The free trade agreement with Korea – the tenth largest economy in the world – provides a rare, historic opportunity to expand trade and investment with an important economic and strategic partner in Asia while creating U.S. jobs,” reinforced Castellani.  

Without swift passage of the U.S. Korea agreement, Castellani warned, the livelihood of the more than 31 million Americans who depend on trade for their jobs could be at risk. 

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and represent over 40 percent of all corporate income taxes paid. Collectively, they returned $112 billion in dividends to shareholders and the economy in 2005. Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $90 billion in annual research and development spending – nearly half of the total private R&D spending in the U.S.

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