[Congressional Record Volume 154, Number 106 (Wednesday, June 25, 2008)]
[Extensions of Remarks]
[Page E1355]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   REMEMBERING THE KOREAN WAR AND THE U.S.-KOREA FREE TRADE AGREEMENT

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                           HON. VITO FOSSELLA

                              of new york

                    in the house of representatives

                        Wednesday, June 25, 2008

  Mr. FOSSELLA. Madam Speaker. Today marked the 58th anniversary of the 
outbreak of the Korean War. Five years after the Second World War ended 
in the Pacific, a new conflict erupted, the first major engagement of 
the forces of communism and the forces of freedom in the Cold War 
period.
  By the time the armistice was signed almost 3 years later, millions 
of Koreans had been killed, wounded or displaced from their homes, 
whole towns and villages had been destroyed, and the entire peninsula 
was plunged into poverty. More than 36,000 American soldiers, sailors, 
Marines, and airmen who served in the Korean War lost their lives.
  It has been my privilege to represent hundreds of Korean War veterans 
who live in my district in Brooklyn and Staten Island. I have come to 
know personally many of these brave and heroic constituents.
  Although many of these Korean War veterans are reaching old age, they 
live vibrant lives, contributing to our community in countless ways. 
The sacrifices they made across an ocean helped form their characters, 
which guided them through college and careers, as they raised their 
families and built their businesses, indeed, as many of them became 
political and community leaders themselves.
  In the years since the Korean War came to a close, South Korean 
soldiers have fought alongside Americans not only in Korea 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.
  Korea has often been described as an ``economic miracle.'' Fifty 
years ago, South Korea was an impoverished, Third World country 
perceived as having few prospects for survival, much less potential for 
affluence. Today it has the world's 11th-largest economy, known for its 
high-technology industries. It is the 7th-largest trading partner of 
the United States.
  It is no wonder, therefore, that almost exactly a year ago, on June 
30, 2007, negotiators for the United States and the Republic of Korea 
concluded a Free Trade Agreement that now awaits approval by Congress 
and the South Korean National Assembly before it is fully implemented.
  In a recent report, 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.
  In the past week, the United States and South Korea signed a protocol 
regarding the importation of U.S.-originating beef to Korean markets. 
As anyone who reads the newspaper knows, this issue has been 
politically volatile in South Korea. U.S. and South Korean trade 
negotiators deserve a great deal of credit for their delicate handling 
of this situation. It is my understanding that American beef exports to 
Korea will recommence within the next few days.
  While the beef import issue seemed to be an obstacle to approval of 
the Free Trade Agreement, the overall advantages to both our countries 
that will ensue from the agreement have prevailed. And this is a good 
thing, a healthy thing for American workers and American consumers, and 
for Koreans, too.
  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.
  Madam Speaker, it has been nearly six decades since the outbreak of 
the Korean War and we must ``never forget'' the sacrifices of our 
Korean War veterans. As we commemorate this somber occasion, let us 
look forward to the opportunities the future will bring as the U.S.-
Korean friendship and economic partnership is broadened, deepened, and 
strengthened. The U.S.-Korea relationship deserves to be celebrated, 
and I ask my colleagues to join in offering their own expressions of 
support.

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