CEA applauds negotiators for agreement on Korea-US Trade Agreement (KORUS)

ARLINGTON, USA: “The breakthrough achieved by US and Korean negotiators paves the way for this vital trade pact to be sent to, and approved by, Congress,” said Gary Shapiro, CEO of the Consumer Electronics Association (CEA).

“CEA represents over 2,000 of the world’s most cutting-edge technology companies, two-thirds of which are engaged in international trade. This agreement is vital for US businesses to remain competitive and to create American jobs, which are the source of our innovation.”

“The KORUS FTA was concluded on June 30, 2007 but has not yet been sent to Congress for approval. Resolution of the outstanding issues puts American businesses and workers one step closer to the finish line,” continued Shapiro.

“Korea is the world’s tenth largest economy with a GDP of nearly $1 trillion and is the United States’ seventh largest goods trading partner. Between 2001 and 2007, US high-tech exports to Korea increased by 20 percent, totaling $8.9 billion in 2007. Passage of the Agreement will build on a dynamic bilateral trade and investment relationship between the United States and Korea, adding certainty for our industry’s business leaders, removing tariffs and non-tariff barriers.

“CEA commends the Obama Administration on this breakthrough and urges that the agreement be sent forward to Congress for its approval. We must also press forward with the agreements with our friends from Panama and Colombia,” added Shapiro.

“The political and economic importance of these partners cannot be overlooked, particularly in light of the Administration’s goal of doubling exports in the next five years and our need to make American business as globally competitive as possible.”