[Congressional Record Volume 153, Number 42 (Monday, March 12, 2007)]
[Extensions of Remarks]
[Page E525]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     WELCOMING KOREA INTERNATIONAL TRADE ASSOCIATION DELEGATION TO 
                               WASHINGTON

                                 ______
                                 

                          HON. EDOLPHUS TOWNS

                              of new york

                    in the house of representatives

                         Monday, March 12, 2007

  Mr. TOWNS. Madam Speaker, a delegation headed by the Chairman of the 
Korea International Trade Association (KITA), The Honorable Hee-Beom 
Lee, will visit Washington during the week of March 12 for a series of 
meetings with business leaders, government officials, members of this 
House, the Senate, journalists, and members of the Korean-American 
community in the metropolitan area. The purpose of the delegation's 
visit is to commemorate the U.S.-Korea business and trade relationship 
as well as support the progress of talks designed to lead to a Free 
Trade Agreement between the United States and the Republic of Korea.
  Founded in 1946 with 105 members, KITA now represents more than 
80,000 Korean businesses seeking to sell their products and services 
overseas, and in turn buying products and services from foreign 
countries. KITA, which owns office buildings in Washington and New York 
City, participates in the World Trade Centers Association, which has 
more than 300 members in 101 countries. It works closely with virtually 
all World Trade Centers to promote trade by providing facilities and 
services on a reciprocal basis.
  In addition, to promote bilateral economic cooperation, KITA sponsors 
the Korea-U.S. Economic Council, the Korea-Japan Industry and Trade 
Committee, and the Korea-Hong Kong Business Roundtable.
  In its efforts to promote freer trade, not only between the U.S. and 
Korea, but around the world, KITA organizes various functions and 
events to enhance mutual understanding on trade issues, seeking to 
resolve private-sector trade disputes through dialogue. It also works 
together with its overseas counterparts and international economic 
organizations to provide member firms with opportunities to interact 
fully with the international community.
  Moreover, KITA places special emphasis on developing and maintaining 
cooperative relationships with overseas trade promotion organizations 
as well as major international organizations to facilitate trade and 
investment on a reciprocal basis. These cooperation activities include 
trade information exchange, organizing trade promotional events, joint 
research, and provision of facilities.
  Barely half a century ago, the Republic of Korea was an impoverished 
casualty of imperialism and war; it has now grown to be the 12th-
largest trading nation in the world. Korea is also the largest trading 
partner of the United States, with over $70 billion in business between 
our countries each year. Credit for such remarkable development belongs 
in large part to the efforts of the Korea International Trade 
Association.
  Madam Speaker, I urge my colleagues to extend their good wishes to 
Chairman Hee-Beom Lee, and welcome the delegation of the Korea 
International Trade Association as it visits Washington, D.C. I hope 
you join me in wishing them a pleasant and productive stay in our 
Nation's Capital.

                          ____________________