[Congressional Record Volume 157, Number 152 (Wednesday, October 12, 2011)]
[Extensions of Remarks]
[Page E1840]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      UNITED STATES-KOREA FREE TRADE AGREEMENT IMPLEMENTATION ACT

                                 ______
                                 

                               speech of

                       HON. MADELEINE Z. BORDALLO

                                of guam

                    in the house of representatives

                       Tuesday, October 11, 2011

  Ms. BORDALLO. Mr. Speaker, I rise today in strong support of H.R. 
3080, the United States-Korea Free Trade Agreement Implementation Act. 
The United States-Korea Free Trade Agreement, or KORUS, is the most 
significant trade agreement our country has entered into since NAFTA 
sixteen years ago, and it would help stimulate the U.S. economy at no 
cost to the American taxpayers.
  Trade liberalization is a consistent precursor to global economic 
growth, and when done with a fair and close trading partner, could 
prove critical to American economic recovery. The current fiscal 
environment facing the federal government requires that we pursue all 
available options to create jobs and spur economic growth. Currently, 
the Republic of Korea is the world's twelfth largest economy and our 
seventh largest trading partner. This trade agreement will remove 
nearly 95 percent of tariffs on consumer and industrial goods within 
three years, create approximately 70,000 jobs nationwide, and increase 
U.S. GDP by an estimated $10 to $12 billion.
  Further, Korea's strong record on labor rights and environmental 
protection ensures that American firms will compete on a level playing 
field with their Korean counterparts. By increasing trade with Korea, 
American businesses will have greater access to a nearly $1.5 trillion 
economy. The provisions included in the agreement will improve 
intellectual property rights protections and benefit businesses across 
all sectors of the American economy.
  KORUS would also strengthen our relationship with a critical 
democratic ally and reaffirm our nation's commitment to the Asia-
Pacific region. As the first trade agreement between the United States 
and a North Asian country, KORUS underscores this strategic alliance 
and may serve as a model for future agreements across the region. 
Moreover, the benefits of this longstanding partnership are evident on 
Guam, where Korea was first accepted into the Guam Visa Waiver Program. 
To date, Korean visitors remain the second largest group to visit Guam 
annually.
  The United States-Korea Free Trade Agreement would stimulate the U.S. 
economy, create jobs, and increase economic competitiveness of the 
United States in East Asia. I strongly support the passage of H.R. 
3080, and I urge my colleagues to vote in favor of this bill.

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