[Congressional Record Volume 154, Number 60 (Wednesday, April 16, 2008)]
[Extensions of Remarks]
[Page E624]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           WELCOMING SOUTH KOREAN PRESIDENT LEE TO WASHINGTON

                                 ______
                                 

                           HON. VITO FOSSELLA

                              of new york

                    in the house of representatives

                       Wednesday, April 16, 2008

  Mr. FOSSELLA. Madam Speaker, this week the President of the Republic 
of Korea, Lee Myung-Bak, arrives in Washington on his first official 
visit to the United States since his inauguration on February 25. 
Indeed, this is President Lee's first major overseas trip, underscoring 
the importance of the long-standing U.S.-Korea alliance.
  The partnership between the United States and the Republic of Korea 
is multilayered; it has political, diplomatic, strategic, cultural, and 
economic components. It is historic: the friendship between the U.S. 
and South Korea is more than 125 years old. It is also familial: over 
the past century, hundreds of thousands of people emigrated from South 
Korea to settle in the United States, with the result that today 
comprises a vibrant and dynamic Korean American community with nearly 2 
million constituents.
  It has been my privilege to serve as cofounder and cochair of the 
Congressional Korea Caucus, and in that capacity I have had many 
opportunities to learn about the Republic of Korea and U.S.-Korea 
relations. I recently stood side by side with South Korean Ambassador 
Lee Tae-sik at an event in my district commemorating the Korean war. I 
have met with numerous Korean war veterans--including many who live in 
Staten Island and Brooklyn--who served our Nation nobly and who lost 
comrades on the battlefield or who came home wounded with irreversible 
scars of that conflict. We will never forget their sacrifice and how 
their service paved the way for South Korea's enduring freedom today.
  Madam Speaker, South Korean soldiers have fought alongside Americans 
not only in their own homeland but in Vietnam, Afghanistan, and Iraq. 
In fact, South Korea sent the third largest contingent of armed forces 
to Iraq among all the countries that have participated in that conflict 
and has pledged over $460 billion in reconstruction efforts.
  The Republic of Korea has often been described as an ``economic 
miracle.'' A little more than 50 years ago, South Korea was an 
impoverished nation perceived as having few prospects for survival, 
much less potential for affluence or influence. Today, it has the 
world's 11th largest economy and is the 7th largest trading partner of 
the United States.
  It is no wonder, therefore, that last year negotiators for the United 
States and the Republic of Korea concluded a free trade agreement that 
now awaits approval by this Congress and the South Korean National 
Assembly before it is implemented.
  The U.S. International Trade Commission has forecast that the 
elimination of tariffs on U.S. goods under the U.S.-Korea Free Trade 
Agreement would increase the Gross Domestic Product, GDP, of the United 
States by over $10 billion annually. The agreement will also eliminate 
regulatory and other non-tariff barriers that have historically 
restricted access by American farmers, manufacturers, and service 
providers to the South Korean market.
  With growing uncertainty about the health of our economy, it is 
critically important that we make every effort to spur U.S. economic 
growth and create new American jobs through securing access to markets 
in which U.S. farmers and businesses can compete and succeed. The 
proposed U.S.-Korea Free Trade Agreement stands to further increase 
U.S. exports to Korea and will generate new jobs for Americans. This 
agreement will be a win-win-win situation--a win for workers, a win for 
businesses, and a win for consumers.
  The visit of President Lee Myung-Bak to Washington offers an 
unprecedented opportunity to discuss the important issues that our two 
countries face, jointly and separately. It gives us a chance to 
celebrate a long and productive friendship. It provides us with a 
reason to welcome an ally to our country and our Nation's Capitol.
  Madam Speaker, I hope our colleagues will join me in offering our 
best wishes to President Lee on the occasion of his first official 
visit to the United States.

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