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U.S.-S. Korea Free Trade Pact Signals Expanding Exports
Date: 12/6/2010
Written By: Journal of Commerce, By R.G. Edmonson

Excerpt: U.S. officials are predicting an increase of $10 billion to $11 billion in exports to South Korea following the endorsement on Friday of a new free trade agreement. The deal now goes to the Senate for ratification. The "KORUS" free trade agreement has been in the works since the Bush administration, and some U.S. industry leaders feared delays would shut the U.S. out of the republic's $1 trillion economy. South Korea now ranks No. 7 among U.S. trading partners, up a step from its position last year... "We view today's announcement as a positive signal that the administration is committed to advancing the U.S. trade agenda," said Chuck Dittrich, National Foreign Trade Council vice president. "It is with the same sense of urgency that we ask the administration to take action on the trade pacts with Colombia and Panama."