September 27, 2007


Securing the Future (JAMES LILLEY, September 27, 2007, NY Sun)

For more than 50 years, America's political and economic commitment to Asia has contributed to the region's stability and prosperity. Nowhere has our engagement been more positive than with the Republic of Korea. Since the Korean War, the world has witnessed Korea's dramatic rise from war-torn economy to a vibrant democracy supported by a world-class economy. The KORUS FTA will strengthen America's relationship with a longtime ally and enhance our presence and influence in the region.

In dollar terms, the scale of this agreement is enormous. With two-way trade totaling $78 billion last year, Korea is our seventh-largest trading partner. The KORUS FTA will effectively become the third largest free trade area in the world — exceeded only by the European Union and NAFTA — and sets high new benchmarks for bilateral trade agreements.

Under the KORUS FTA, nearly 95% of bilateral trade in consumer and industrial goods will become duty-free in three years, and two-thirds of all U.S. agricultural exports will enter Korea duty-free immediately. The agreement also gives important new market access, rights, and protections to American investors and service industries.

Only his allies understand W less well than his foes.

Posted by Orrin Judd at September 27, 2007 7:01 AM
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