CCIA is pleased to hear negotiators
have reached an
agreement on outstanding issues that were holding up
the U.S.-Korea Free Trade Agreement. As the leading export industry of
the United States, the high-tech sector in particular benefits greatly
from expanded trade.
The Republic of Korea is our seventh largest trading partner, and the
U.S. International Trade Commission estimates the FTA’s implementation
would increase U.S. GDP by up to $12 billion. This agreement would
provide a needed boost to the U.S. economy by contributing toward the
National Export Initiative goal of doubling U.S.
exports over the next
five years.
In addition, the agreement demonstrates the United States' continued commitment to free trade and open markets, as well as its
continued commitment to engagement with Asia, an increasingly important
region for high tech trade.
CCIA has continued to support this agreement, which would become the
second largest FTA (after NAFTA) implemented by the U.S. The
provisions that would expand market access for the technology industry,
such as the electronic commerce provisions and government procurement
provisions, remain unchanged from when the agreement was originally
signed in 2007.
We look forward to swift Congressional action to consider and approve
the U.S.-Korea Free Trade Agreement in the new Congress next year.
