[Congressional Record (Bound Edition), Volume 156 (2010), Part 11]
[Senate]
[Pages 15995-15996]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   SOUTH KOREAN FREE TRADE AGREEMENT

  Mr. JOHANNS. Mr. President, I rise today to ask a pretty 
straightforward question: Why on Earth is this administration standing 
by and watching our global competitors gain the upper hand over U.S. 
businesses?
  Last week, the European Union announced that it is taking steps to 
approve an agreement with South Korea. I have to tip my hat to the 
Europeans. South Korea represents the 12th largest economy, and 
Europe's businesses are now one step closer to much greater access to 
the 12th largest economy in the world. Meanwhile, the United States 
fails to act on a trade agreement negotiated with South Korea more than 
3 years ago, ready for action, actually. Zero action, though, has been 
taken since this agreement has been finalized by this administration. 
We all know it is up to the President to send the agreement to Congress 
for approval before it can go into effect. But that has not happened. 
On the other hand, other nations are taking advantage of opportunities 
to save their businesses billions of dollars, while the United States 
is simply stuck in neutral.
  Under our agreement with Korea, most fees our exporters pay--
tariffs--to Korea would be completely eliminated, saving U.S. 
businesses literally billions of dollars. In fact, nearly 95 percent of 
our exports of consumer and industrial products would become duty free 
within 3 years and the rest would be eliminated over time. Nearly two-
thirds of our agricultural exports would also become duty free under 
this agreement, and perhaps most significant is the estimate by the 
U.S. International Trade Commission itself that our agreement with 
South Korea would add $10 to $12 billion to our economy.
  So what does this mean in real dollars for real businesses? Well, the 
agreement would increase U.S. exports by about $10 billion annually. 
The way I look at it, our economy could use a $10 billion boost. 
Instead, our agreement with South Korea languishes, and we sit on the 
sidelines while other countries clearly are gaining the upper hand and 
we are losing this marketplace.
  If we could ever enact this agreement, American job creators could 
fairly compete in the South Korean market. Instead, they are at a 
distinct disadvantage, and the key to a level playing field--this trade 
agreement--is collecting dust on a shelf at the White House.
  The time for the United States to act on our agreement with Korea is 
not only now, it should have been months ago. Our failure to act is 
inhibiting job creation, inspiring our competitors, who are winning, 
and frustrating our trading partners. Last week was just the latest 
evidence that our trading partners have lost patience with us and 
decided to find new dance partners. You see, our trading partners look 
at this and say: There is no leadership.
  In June, I came to the Senate floor to express my concern over 
reports that an official from the South Korean Embassy said the 
following:

       The U.S. runs the risk of losing the Korean market within a 
     decade if we cannot get a free trade agreement ratified.

  Let me repeat what he said: Within a decade, we lose this market.
  Those reports also warned that South Korea was likely to complete a 
free-trade agreement with the European Union by January of next year. 
Well, here we are 3 months later, and that is exactly what has 
happened.
  Most recently, upon announcing the new agreement just last week, 
South

[[Page 15996]]

Korea's Ministry of Foreign Affairs and Trade released a statement 
saying that their deal with the EU ``will bring about economic benefits 
more than a free trade pact signed with the United States.'' You see, 
they signed this agreement 3 months ahead of schedule, and our trading 
partners look at all of the dithering, and they are ready to move 
forward without us.
  We should enact our pending trade agreement with South Korea as well 
as the pending trade agreements with Colombia and Panama as quickly as 
possible. Increasing our market share in countries around the world 
will provide greater opportunities for our businesses, allowing them to 
expand their operations and to hire more people right here at home. You 
can translate foreign trade to real jobs for real people in this 
country who are looking for work. This would help get our economy 
moving again. But for that to happen, the Obama administration must 
send Congress the pending agreements for an up-or-down vote. That is 
the next step. That has been the next step for months and months. The 
President must simply send the agreements for approval.

  Unfortunately, when it comes to the pending trade agreements, what we 
have seen from this administration has been a lot of talk but no 
action. If you listen to the President's own words, you would think the 
administration just can't wait to submit the agreements to Congress. 
Just last week, President Obama said he would like to see congressional 
approval of the Korean agreement as soon as possible. That is not the 
first time he has made those statements. Going all the way back to the 
State of the Union Address in January, President Obama said the 
following:

       We have to seek new markets aggressively just as our 
     competitors are. If America sits on the sidelines while other 
     nations sign trade deals, we will lose the chance to create 
     jobs on our shores.

  The President was right about that when he said that so many months 
ago. In fact, it bears repeating. In the President's own words:

       If America sits on the sidelines while other nations sign 
     trade deals, we will lose the chance to create jobs on our 
     shores.

  So the President of the United States is on record saying that the 
pending trade agreements would create jobs. They would. But these words 
ring hollow when you do not follow up with action.
  As the U.S. unemployment rate has hovered around 10 percent for most 
of this year, my question is and I think the question of this nation 
is, What are we waiting for? Why are we waiting? There is no silver 
bullet here, but our pending trade agreements would be enormously 
helpful. They would be the absolute right step in the right direction. 
You see, when roughly 95 percent of the world's consumers live outside 
the United States, the global marketplace represents unrivaled 
opportunities. But, unfortunately, while the Senate has spent most of 
this year on a massive spending spree, three measures that even the 
President admits will create jobs are withering on the vine. Our 
businesses and job creators watch as their global competitors simply 
run by them. They are sitting on the sidelines faced with uncertainty 
and high tariffs that bar their entry in any reasonable way to the 
foreign marketplace, uncertainty about new regulations, uncertainty 
about our economic recovery, uncertainty about this administration's 
commitment to these trade agreements.
  The lack of any kind of coherent position from the White House is a 
serious part of the problem. Yes, I have heard the speeches. The 
President says he wants action. He started saying it a long time ago. 
Yet he takes no action. I would like to know where this administration 
stands. The agreements are signed and ready. The ball is in the 
administration's court. If the President has no intention of sending 
these agreements to us, say so. Let the American public know this.
  Taking action could not be easier: simply drop the agreements in the 
mail to Congress or have somebody walk them over here. The rest of the 
world is not wasting any time taking advantage of the opportunities and 
benefits provided by expanded trade. You see, they need jobs too. And 
they see the world's population and say: Why would we not want to sell 
our products to those people? Meanwhile, the United States is depriving 
our businesses of new markets, our people of jobs and new 
opportunities. And it delays economic recovery while, unfortunately, 
our competitors gain the upper hand.
  If the President is serious about enacting trade deals to create new 
jobs, I am ready to work with him. I have said that over and over. I 
will come to the floor and speak on behalf of these agreements, and I 
know many of my colleagues are ready to do the same.
  I urge the President to send the trade agreements to Congress once 
again for a ``yes'' vote.
  I yield the floor, and I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. GRAHAM. I ask unanimous consent that the order for the quorum 
call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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