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Statement by U.S. Trade Representative Susan C. Schwab on ITC Analysis on the U.S.-Korea Free Trade Agreement



"We welcome the ITC's finding that the U.S. – Korea Free Trade Agreement will expand
U.S. exports and U.S GDP. The ITC’s
independent and comprehensive analysis reinforces the fact that the KORUS FTA is
the most commercially significant free trade agreement the United States
has concluded in over 15 years – and that Congress should act to approve it,”
said Amb. Schwab.  “This agreement to open up trade with
Korea – the world’s tenth largest
economy – will support thousands of American jobs and higher American
incomes.  Farmers, ranchers, manufacturers, and service providers in every
state will benefit from deeper and stronger trade and investment ties with this
key Asian ally.”

The United
States and Korea signed the free trade agreement
on June 30, 2007.  Under Section 2104(f) of the Trade Act of 2002, the ITC,
an independent and non-partisan agency, is required to submit to the
President and the Congress a report assessing the likely impact of a trade
agreement within 90 days of the date the President enters into the
agreement.   The report assesses the likely impact of the agreement on
the United States economy as
a whole and on specific industry sectors and the interests of
U.S. consumers.

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