On July 13th 2009, there was a final compromise package on all outstanding issues of the Korea-European Union (EU) Free Trade Agreement (FTA) negotiations. Both parties expressed hope for early ratification of the deal.
While the details of the deal have not yet been released, the Korea-EU FTA is a comprehensive agreement that will cover virtually all sectors of both countries' economies and will significantly lower tariffs for European goods entering into Korea and also Korean goods entering into the EU.
David Ruch, the Chairman of AMCHAM, said, "The conclusion of these important negotiations is laudable and demonstrates the Korean Government's commitment to further opening its market and doing away with lingering barriers to foreign firms operating here."
AMCHAM Korea strongly supports the Korean Government's actions to encourage freer and fairer trade with its trading partners. The Korea-US (KORUS) FTA stands as a model trade agreement that supports Korea's stated goal of further reforming and opening its markets and promotes both the commercial and the strategic interests of both Korea and the United States.
"In order for both countries and their industries to fully realize the benefits of this agreement, there is an urgent need for the United States to resolve the outstanding issues and move forward with the passage of the KORUS FTA in as early a timeframe as is possible," Ruch said.
Korea has been actively pursing FTAs as a pillar of its external trade policy since 2000, and has so far concluded 5 FTAs, and negotiations with key partners such as Canada, Japan, and Mexico are ongoing. Korea and India are expected to sign a free trade pact this August.
It is essential that the United States also remains fully engaged in Korea – the world's 15th largest economy - and that both countries continue to work closely to further strengthen our bilateral economic and geo-strategic relationship. AMCHAM Korea remains committed to working with the U.S. and Korean Governments to ensure early passage of the KORUS FTA in both countries.
The AMCHAM Korea was founded in 1953, with a broad mandate to encourage the development of investment and trade between Korea and the United States. AMCHAM is the largest foreign chamber in Korea with around 2,300 members and over 1,100 companies with diverse interests and substantial participation in the Korean economy.
Edited by Jung, Eunsun
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