[Congressional Record Volume 157, Number 160 (Monday, October 24, 2011)]
[Extensions of Remarks]
[Page E1913]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    SUPPORT OF H.R. 3080, THE U.S.-SOUTH KOREA FREE TRADE AGREEMENT

                                 ______
                                 

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Monday, October 24, 2011

  Mrs. MALONEY. Mr. Speaker, I rise in support of H.R. 3080, the U.S.-
South Korea Free Trade Agreement Implementation Act.
  The Korean Republic is our seventh largest trading partner, and this 
agreement will have a significant positive impact on our GDP as well as 
on job creation.
  The current average tariff for U.S. exporters is more than four times 
the average tariff that our imports from Korea face--this agreement 
levels the playing field.
  Despite some sectors' concerns with the agreement, the services 
sector--which comprises 93% of the jobs in my district--stands to 
benefit greatly, with increased market access and the creation of new 
jobs.
  Nationwide, 80% of the U.S. workforce is employed in the services 
sector, with U.S. cross border exports of services to Korea totaling 
$12.6 billion in 2009, while imports were $6.4 billion, netting a U.S. 
services trade surplus of $6.2 billion.
  The Korea FTA provides U.S. service firms with increased market 
access, investor protections and regulatory transparency, which is 
vital for job creation in my district and the broader U.S. economy, 
which is why I vote in favor of the agreement today.

                          ____________________