[Congressional Record Volume 153, Number 106 (Thursday, June 28, 2007)]
[Extensions of Remarks]
[Page E1438]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  THE U.S.-KOREA FREE TRADE AGREEMENT

                                 ______
                                 

                          HON. EDOLPHUS TOWNS

                              of new york

                    in the house of representatives

                        Thursday, June 28, 2007

  Mr. TOWNS. Madam Speaker, on Saturday, June 30, the United States and 
the Republic of Korea are expected to sign a Free Trade Agreement, the 
result of months of negotiations between our two countries. After the 
agreement is signed, Congress will have an opportunity to 
comprehensively review it, an opportunity that I wholeheartedly 
welcome.
  The U.S.-Korea Free Trade Agreement holds both substantive and 
symbolic importance. for nearly a million Korean Americans, a large 
number of whom are my constituents, New York is home to many 
businesses, large and small, which focus on trade between the United 
States and the Republic of Korea.
  The governments of our two countries did not pursue this agreement 
without the encouragement and input of several important organizations. 
Among these were the U.S.-Korea FTA Business Coalition, the U.S.-Korea 
and Korea-U.S. Business Councils, the American Chamber of Commerce in 
Korea and the Federation of Korean Industries. I would also like to 
recognize the efforts of my good friends at the Korea International 
Trade Association with whom I had the pleasure of meeting its Chairman 
and representatives on several occasions.
  Madam Speaker, barely a half century ago, the Republic of Korea was 
an impoverished casualty of imperialism and war; it has now grown to be 
the 11th-largest trading nation in the world. The Republic of Korea is 
also the seventh largest trading partner of the United States, with 
nearly $80 billion in trade volume between our counties each year.
  Credit for such remarkable development belongs in large part to the 
efforts of private businesses that saw potential in what cynics 
initially saw as a war-torn ``basket economy.'' These businesses today, 
and the many others that followed, create jobs, produce desirable goods 
and services, offer investment opportunities, and provide mutual 
benefits in both of our countries.
  Let me emphasize that, for all the obvious benefits that a free trade 
agreement between the United States and the Republic of Korea will 
provide, however, the language of any agreement must be scrutinized 
carefully to assure that American and Korean labor standards are 
upheld, that our environment is safeguarded, and that consumers are 
fully protected. I am a strong proponent of these important 
considerations.
  Madam Speaker, I look forward to examining the text of the proposed 
U.S.-Korea Free Trade Agreement and to a productive and informative 
discussion about it in the weeks and months to come. I welcome the 
anticipated signing of the U.S.-Korea Free Trade Agreement this 
Saturday and encourage my colleagues to offer their own expressions of 
welcome and support for this historic event.

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