NAM Endorses Signing of U.S.-Korea FTA

06/30/07 -  07-173                                                                                    

CONTACTS: J.P. FIELDER (202) 637-3089;
DOUG GOUDIE (202) 637-3078

NAM ENDORSES SIGNING OF U.S.-KOREA FTA

WASHINGTON, D.C., June 30, 2007 – The National Association of Manufacturers expressed its support for today’s signing of the U.S.-Korea Free Trade Agreement (FTA) and complimented the Administration for its action on trade throughout the week.

“The U.S. – Korea negotiation resulted in a comprehensive agreement that came together in a short time and provides a broad scope of opportunities to most of America’s manufacturers,” said NAM President John Engler.  “It contains the best IPR provisions and the strongest pro-competitive provisions we have ever seen in a trade agreement and its passage will be a real plus for most U.S. industries.”

The FTA represents the largest bilateral trade deal the U.S. has undertaken since NAFTA and Korea’s largest ever.  While Korea is a $300 billion import market, U.S. exporters currently have only 11 percent of that market.  This agreement eliminates tariffs on 95 percent of consumer and industrial products between the countries within three years. 

“The negotiations were difficult for both sides, and this FTA is not perfect – U.S. auto makers have raised serious concerns with tariff and non-tariff provisions they feel are not adequately addressed and that will continue to block meaningful access to Korea’s auto market,” said Engler. “The NAM is encouraging continued discussions to address these legitimate concerns.”

“Overall, though, this agreement will help U.S. manufacturing as we wrestle with how to deal with our trade position in Asia and how to maximize the prospects for increasing the competitiveness of manufacturing in the United States,” he said.

“This week the Administration showed a desire to continue leveling the global playing field by expanding free trade,” Engler said.  “Now is the time for Congress to act and renew Trade Promotion Authority, keeping the door open to the Doha Round and future trade agreements.”

-NAM-

The National Association of Manufacturers is the nation’s largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM’s award-winning web site at www.nam.org for more information about manufacturing and the economy.