WASHINGTON – The Embassy of the Republic of Korea today welcomed President Obama’s submission of implementing legislation for the pending U.S.-Korea Free Trade Agreement (KORUS FTA) to the United States Congress.
“This trade agreement will create jobs and contribute to economic growth in the United States and South Korea,” said Ambassador Han Duk-soo, Ambassador to the United States from the Republic of Korea. “We hope the U.S. Congress will approve the KORUS FTA as soon as possible.”
The U.S. Commerce Department estimates that implementation of the KORUS FTA will lead to an $11 billion increase in annual exports to South Korea, supporting at least 70,000 American jobs.
If approved by Congress this October, subsequent approval by Korea’s National Assembly could allow the KORUS FTA to go into effect in early 2012.