Pack n Send Blog

Pack n send is posting this article to show the opening of trade with South Korea during 2011. This is a good sign both for US exports and US jobs.

US – SOUTH KOREA – With the EU’s Free Trade agreement scheduled to begin with Korea next July, the United States has moved to negate the terms agreed with the Bush administration over car and truck exports which has engendered much anger amongst American manufacturers. Simultaneously terms are to be discussed regarding US shipments of beef and other products with a view to negotiating an agreement similar to that of the European model.

Chairman of the  President's Export  Council and the Business Roundtable Trade Committee and boss of  Boeing, Jim McNerney, welcomed the opening up of the Korean market and agreed with the President’s statement that US producers would benefit from increased exports, saying:

"The agreement on beef, autos and other issues that the Administration announced earlier today with the Republic of Korea is great news for the U.S. economy and American workers. The announced breakthroughs on some very difficult issues remove the final barriers to enactment of a U.S.-Korea Free Trade Agreement that will set the stage for a dramatic increase in trade between the United States and Korea, and spur job-creating economic growth here at home.

"The agreement gives American workers a chance to compete by eliminating numerous impediments to the sale of U.S. goods and services to Korea. For instance, U.S. exports to that country currently face an applied tariff of more than 11 percent, which puts U.S. companies and workers at a big disadvantage when competing against companies and workers from nations that already have free trade agreements in place. By levelling the playing field with this agreement, U.S. government officials estimate that American exports to Korea will grow by nearly $11 billion – which means more work and more jobs here at home.

"The Korean economy is dynamic and presents tremendous opportunities for the sale of American manufactured goods, agricultural products, and services. We urge Congress to make ratification of the U.S.-Korea Free Trade Agreement a top priority. Doing so will spur the kind of export-driven economic activity we need to create American jobs—an important goal of the Administration under its National Export Initiative."

President Obama found himself under enormous pressure to renegotiate Bush’s un-ratified terms when US auto makers ridiculed the agreement originally proposed with Ford claiming in the national press that the imbalance meant the US exported only one vehicle to the Koreans for every fifty two imported to the States.

Disputes over the imbalance of safety levels and tax benefits for larger and more fuel efficient trucks and cars were resolved with the manufacturers’ figures indicating that up to 70,000 US jobs could be dependent on the negotiation of more balanced terms driving the agreement.

This article was taken from the Handy   Shipping Guide and posted on our website as a service to our customers.

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