U.S. Trade Representative Ron Kirk hailed Tuesday an announcement that a
long-delayed free trade agreement with South Korea will take effect next month,
saying the deal will strengthen Washington's economic partnership with
Seoul.
South Korea and the U.S. have agreed to implement the free
trade pact on March 15, officials said. The deal was signed in 2007 and approved
by legislatures of the two nations last year, but still faces strong resistance
in South Korea.
"Entry into force of this agreement will open up
Korea's $1 trillion economy for America's workers, businesses, farmers and
ranchers while also strengthening our economic partnership with a key
Asia-Pacific ally," Kirk said in a statement.
On March 15, the trade
representative said almost 80 percent of U.S. exports of industrial products to
Korea will become duty-free, including aerospace equipment, agricultural
equipment, auto parts, building products and chemicals.
In addition,
almost two-thirds of American exports to Korea of agricultural products will
become duty-free, including wheat, corn and wine.
"The agreement will
promote the further integration of the U.S. and Korean economies and enhance the
competitiveness of U.S. businesses in the world's 12th largest economy," the
statement said.
In a separate statement, a U.S. business lobby group
applauded the planned implementation of the free trade deal with
Korea.
"The U.S. business community commends our negotiators for
staying the course on implementing a groundbreaking trade deal with South Korea
that will create American jobs and boost American competitiveness," said Thomas
Donohue, president and chief executive of the U.S. Chamber of
Commerce.
"We will now be able to play on a level playing field in
South Korea's dynamic market and start creating tens of thousands of new jobs
here at home," Donohue said in a statement.
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