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NFTC Welcomes Upcoming Continued Discussions to Resolve Key Issues in KORUS FTA Negotiations
Date: 11/11/2010
Written By: Jennifer Cummings, The Fratelli Group for NFTC, (202) 822-9491

Washington, DC – The National Foreign Trade Council (NFTC) today thanked U.S. and Korean negotiators for working together to move the KORUS FTA negotiations forward, and welcomed upcoming discussions aimed at achieving resolution on the beef and auto issues. The NFTC released the following statement:

"We greatly appreciate the efforts of the U.S. and Korean governments, specifically Ambassador Kirk and Minister Kim, for working together over the past few weeks to solve the key issues standing in the way of positive action on the FTA," said NFTC President Bill Reinsch. "It is our hope that a resolution can be reached in the coming weeks that will achieve free, fair and open access to the Korean market for all U.S. sectors, including autos and beef. Reaching resolution on these issues is critical, but we must not lose sight of the fact that the totality of the agreement has the potential to substantially contribute to U.S. economic growth and job creation."

"Korea is a vitally important economic partner and strategic ally, and the KORUS FTA is the most commercially significant trade agreement in nearly two decades. Given the slow pace of our economic recovery and the president's goal to double exports and create millions of jobs in the next five years, the KORUS FTA has the potential to be a major stimulus to the U.S. economy. The agreements with Colombia and Panama are also a part of the economic growth equation," said NFTC Vice President for Regional Trade Initiatives Chuck Dittrich. "The continued discussions that will take place over the next few weeks must lead to a path forward on the KORUS FTA. The U.S. simply cannot afford the alternative, as this agreement could create as many as 70,000 new jobs and contribute nearly $12 billion to our GDP."

 
 
About NFTC
Advancing Global Commerce for Over 95 Years - The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
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