[Congressional Record (Bound Edition), Volume 151 (2005), Part 22]
[Extensions of Remarks]
[Pages 30937-30938]
[From the U.S. Government Publishing Office, www.gpo.gov]




   WELCOMING THE KOREA INTERNATIONAL TRADE ASSOCIATION TO WASHINGTON

                                 ______
                                 

                          HON. EDOLPHUS TOWNS

                              of new york

                    in the house of representatives

                      Thursday, December 22, 2005

  Mr. TOWNS. Mr. Speaker, the Korea International Trade Association 
(KITA), which has had offices in New York City since 1967, is expanding 
its presence in the United States by opening up a major office in the 
Nation's Capital.
  Founded in 1946 with 105 members, KITA now represents more than 
80,000 Korean businesses seeking to sell their products and services 
overseas, and in turn buying products and services from foreign 
countries.
  Mr. Andy Mun, the president of KITA's branch in the United States, 
has said that having a presence in Washington will be important now 
that South Korea and the United States are engaged in negotiations to 
create a U.S.-Korea Free Trade Agreement.
  In order to create a more prominent profile in Washington, DC, the 
Korea International Trade Association has purchased a building at 1660 
L Street, NW., in the heart of the bustling commercial center of the 
city. While KITA will occupy several floors of the building, which will 
be designated the Washington Hankook Center, the rest will be used by 
American companies, law firms, non-profit groups, trade associations, 
and business consultants. The building is part of KITA's effort to 
build trade centers around the globe. In fact, KITA participates in the 
World Trade Centers Association, which has more than 300 members in 101 
countries. It works closely with virtually all World Trade Centers to 
promote trade by providing facilities and services on a reciprocal 
basis.
  In addition, to promote bilateral economic cooperation, KITA sponsors 
the Korea-U.S. Economic Council, the Korea-Japan Industry and Trade 
Committee, and the Korea-Hong Kong Business Roundtable.
  In its efforts to promote freer trade, not only between the United 
States and South Korea, but around the world, KITA organizes various 
functions and events to enhance mutual understanding on trade issues, 
seeking to resolve private-sector trade disputes through dialogue. It 
also works together with its overseas counterparts and international 
economic organizations to provide member firms with opportunities to 
interact fully with the international community.

[[Page 30938]]

  Moreover, KITA places special emphasis on developing and maintaining 
cooperative relationships with overseas trade promotion organizations 
as well as major international organizations to facilitate trade and 
investment on a reciprocal basis. These cooperation activities include 
trade information exchange, organizing trade promotional events, joint 
research, and provision of facilities, such as the new office building 
on L Street in Washington.
  Mr. Speaker, as January 13, 2006, will be the first time we celebrate 
Korean-American Day, as designated by the vote of this Congress, I 
think it is appropriate that we recognize the mutual benefits of trade 
between our country and South Korea, which has been a partner of ours 
in so many endeavors over the years, from fighting side-by-side with 
our Armed Forces to contributing $30 million in assistance to the 
victims of Hurricane Katrina.
  Barely half a century ago, South Korea was an impoverished casualty 
of imperialism and war; it has now grown to be the 13th-largest trading 
nation in the world. Korea is also the 7th-largest trading partner of 
the United States, with over $70 billion in business between our 
countries each year. Credit for such remarkable development belongs in 
large part to the efforts of the Korea International Trade Association.
  Mr. Speaker, I urge my colleagues to extend their good wishes and 
welcome to the Korea International Trade Association as it opens its 
new offices in Washington, DC.

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