[Congressional Record Volume 153, Number 128 (Saturday, August 4, 2007)]
[Extensions of Remarks]
[Page E1778]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    KOREA-U.S. FREE TRADE AGREEMENT

                                 ______
                                 

                          HON. DIANE E. WATSON

                             of california

                    in the house of representatives

                        Saturday, August 4, 2007

  Ms. WATSON. Madam Speaker, I rise today to address the recently 
completed Korea-U.S. Free Trade Agreement. The agreement was concluded 
on April 1 and now has been transmitted to Congress for consideration.
  The Korea-U.S. FTA is of great importance to my Congressional 
district located in Los Angeles, Culver City, and Hollywood, as well as 
the entire state of California, which has played a critical role in the 
Pacific Rim's rapid economic expansion.
  Today Korea is California's 5th largest trading partner and the Los 
Angeles Custom District's third largest trading partner, with nearly 
$18 billion in two-way trade in 2005. Expanded trade between Korea and 
the U.S. will translate into more jobs and business for Los Angeles 
County where, most significantly, the Ports of Los Angeles and Long 
Beach handle 43 percent of cargo containers shipped to the U.S.
  Madam Speaker, the Korea-U.S. FTA is also highly important to 
California's ethnic Korean community. As you know, California is home 
to the largest population of Koreans outside of Korea. In my 33rd 
Congressional district, Korean-Americans have built a thriving business 
and cultural area known as Koreatown. Many maintain close cultural, 
business, and family ties to their homeland.
  The entertainment industry is critical to the economic health of 
California, and I am particularly heartened that the concluded Korea-
U.S. FTA contains expanded protection for copyrighted works in today's 
digital economy. The agreement protects music, videos, software, and 
text from widespread unauthorized sharing via the Internet and provides 
for extended terms of protection for copyrighted works consistent with 
emerging international standards. The agreement will also decrease the 
Korean TV content quota for film and animation.
  The Korea-U.S. FTA must now clear one final and most important 
hurdle: Congressional approval. It is my hope that accommodation can be 
quickly reached on those provisions of the FTA that remain problematic 
to certain U.S. business sectors. I look forward to reading the 
enacting legislation.
  Despite these remaining barriers, I am encouraged by the 
comprehensive and historic U.S.-Korea Free Trade Agreement that will 
promote economic growth, ensure that Los Angeles and California remain 
on the competitive cutting edge, and strengthen ties between the U.S. 
and the Republic of Korea.

                          ____________________