Press Releases

Today, U.S. Representative Rick Larsen (WA-02) released the following statement regarding reports that an agreement had been reached between the Republic of Korea and the United States on a Free Trade Agreement .

“Moving forward with a trade agreement between the United States and South Korea is a win-win for American businesses and workers,” said Rep. Larsen. “This agreement will help our small and medium sized businesses export their products-not their jobs overseas.”

According to the Office of the United States Trade Representative, Korea was the United States’ 8th largest goods trading partner in 2009. Last year, the United States exported $28.6 billion worth of goods and $12.6 billion in services to Korea. The U.S. International Trade Commission estimates that enactment of the U.S.-Republic of Korea Trade Promotion Agreement will increase U.S. exports to Korea by as much as $11 billion. The US Commerce Department calculates that every $1 billion in increased exports creates 6,250 American jobs, which means as many as 75,000 new American manufacturing jobs.

“In Washington state, approximately one in three jobs are linked to exports and the pay is 46% higher than the state average. Korea is the fifth largest trading partner for Washington,” said Rep. Larsen. “Expanding trade with South Korea will help our local small and medium sized businesses access the global marketplace so they can grow and create good jobs in our communities.”

Without a trade agreement with Korea, America businesses and workers will face severe disadvantages, from high tariffs to unfair discriminatory practices.  This agreement will level the playing field for US jobs and services by breaking down barriers and creating fair rules for US businesses and workers exporting to Korea.  Specifically this agreement would create stronger standards for Korea farm and food exports, create new transparency requirements, cut custom red tape to speed up processing at Korea, and protect American ideas by enforcing IP protections for U.S. patents, copyrights & trademarks, among other things.

###