Statement by the President Announcing the US-Korea Trade Agreement

[ProSense]

Statement by the President Announcing the US-Korea Trade Agreement

I am very pleased that the United States and South Korea have reached agreement on a landmark trade deal that is expected to increase annual exports of American goods by up to $11 billion and support at least 70,000 American jobs. Last month in Seoul I directed our negotiators to achieve the best deal for American workers and companies, and this agreement meets that test.

American manufacturers of cars and trucks will gain more access to the Korean market and a level playing field to take advantage of that access. We are strengthening our ability to create and defend manufacturing jobs in the United States; increasing exports of agricultural products for American farmers and ranchers; and opening Korea’s services market to American companies. High standards for the protection of worker’s rights and the environment make this a model for future trade agreements, which must be both free and fair.

Today’s agreement is an integral part of my Administration’s efforts to open foreign markets to U.S. goods and services, create jobs for American workers, farmers and businesses, and achieve our goal of doubling of U.S. exports over five years. It deepens the strong alliance between the United States and the Republic of Korea and reinforces American leadership in the Asia Pacific. I look forward to working with Congress and leaders in both parties to get this done and to ensure that America competes aggressively for the jobs and markets of the 21st century.

FACT SHEET: Overview of the U.S.-Korea Trade Agreement

FACT SHEET: Economic Value of the U.S.-Korea Trade Agreement

FACT SHEET: Increasing U.S. Auto Exports and Growing U.S. Jobs Through the U.S. Korea Trade Agreement

[Nancy Waterman]

1. This is excellent news! I hope it gets some coverage

I wish they had handled the message last month better though. Instead of "Obama failed", it should have been "Obama is in the process of making an important deal and he has completed the initial steps. He is taking the time to get it right."

I hope this doesn't end up like the front page story that talks about someone's mistakes and scandal and then the correction comes out a few days later buried at the bottom of page A18 and no one notices.

[Uzybone]

2. who handles the message?

The media says "Obama has failed" and the so called informed folks lap it up like dogs.

Rest assured this success will be ignored by the M$M and the true "left".

[CakeGrrl]

3. Exactly. The negative stuff has the impact. Not just with Fox News faithful, either.

[eridani]

4. "Free" trade agreements are ALWAYS bad news for working people

That goes for the Korean farmers who commit suicide as well as US workers.

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Imajika]

6. Great news...

Looks like the Obama Administration improved the deal and got a good agreement.

[brentspeak]

7. Great news for job offshorers, corporate lobbyists, and Wall Street investors

[ProSense]

8. Statement by Sander Levin

who voted against NAFTA, CAFTA and most trade agreements and has been a strong advocate for tighter regulations.

Chairman Levin Statement on U.S. – South Korea Free Trade Agreement

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“The changes announced to the U.S. – Korea Free Trade Agreement (FTA) today are a dramatic step toward changing from a one-way street to a two-way street for trade between the U.S. and South Korea. These changes represent an important opportunity to break open the Korean market for U.S. businesses and workers and boost American manufacturing jobs, particularly in the automotive sector.

“For decades South Korea has employed a unique and ever changing regulatory regime to discriminate against auto imports while the U.S. market has been totally open to their goods. As a result, U.S. automakers exported less than 6,000 cars to South Korea in 2009 while South Korea has used its historically closed market to finance an aggressive push into the U.S. market, exporting 476,000 cars to the U.S. in 2009. The imbalance is so severe that automotive trade accounts for a full three-quarters of the $10.6 billion U.S. trade deficit with South Korea.

“Today’s agreement delays the elimination of the U.S. tariff on South Korean auto exports for five years, unlike the 2007 FTA, which would have eliminated duties on Korean car exports immediately. This development provides leverage to assure that Korea opens its market and provides time for our industry to root itself in the Korean marketplace. Today’s changes will also tear down South Korea’s wall of non-tariff barriers (NTBs), including their improper use of tax rules and discriminatory safety and emissions standards that have shut U.S. automakers out of their market. The changes also include, for the first time ever, an auto-specific safeguard that will protect U.S. manufacturers from a harmful surge of South Korean imports in the future. Most importantly, today’s changes are fully enforceable.

“The FTA also includes robust labor and environmental commitments that are fully enforceable that were agreed to in May 2007. Going forward, the Trans-Pacific Partnership negotiations provide an opportunity to continue working on other provisions within the framework of trade agreements.

“The changes announced today resulted from the Administration, domestic automotive industry, the United Auto Workers and a key, bipartisan Congressional group standing up for American manufacturing. This was the only way to reverse the historic, lopsided pattern of one-way trade with South Korea. I support today’s agreement. It is important for American manufacturing and American jobs. It is also an important step toward a global rules-based trade system.”

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