[Congressional Record (Bound Edition), Volume 157 (2011), Part 10]
[Senate]
[Pages 14462-14463]
[From the U.S. Government Publishing Office, www.gpo.gov]




  LEGISLATION AND SUPPORTING DOCUMENTS TO IMPLEMENT THE UNITED STATES-
                   KOREA FREE TRADE AGREEMENT--PM 24

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with accompanying 
reports and papers; which was referred to the Committee on Finance:

To the Congress of the United States:
  I am pleased to transmit legislation and supporting documents to 
implement the United States-Korea Free Trade Agreement (Agreement), a 
landmark agreement that supports American jobs, advances U.S. 
interests, and reflects America's fundamental values.
  The Agreement levels the playing field for U.S. businesses, workers, 
farmers, ranchers, manufacturers, investors, and service providers by 
offering them unprecedented access to Korea's nearly $1 trillion 
economy. The Agreement eliminates tariffs on over 95 percent of U.S. 
exports of industrial and consumer goods to Korea within the first 5 
years and, together with the agreement entered into through an exchange 
of letters in February 2011, addresses key outstanding concerns of 
American automakers and workers regarding the lack of a level playing 
field

[[Page 14463]]

in Korea's auto market. The Agreement also ensures that almost two-
thirds of current U.S. agricultural exports will enter Korea duty-free 
immediately. In addition, the Agreement will give American service 
providers much greater access to Korea's $580 billion services market.
  The Agreement contains state of the art provisions to help protect 
and enforce intellectual property rights, reduce regulatory red tape, 
and eliminate regulatory barriers to U.S. exports. The Agreement also 
contains the highest standards for protecting labor rights, carrying 
out covered environmental agreements, and ensuring that key domestic 
labor and environmental laws are enforced, combined with strong 
remedies for noncompliance.
  Increased U.S. exports expected under the Agreement will support more 
than 70,000 American jobs. The Agreement will bolster our economic 
competitiveness in the Asia-Pacific region and our regional security 
interests. The United States once was the top supplier of goods 
exported to Korea. Over the past decade, our share of Korea's import 
market for goods has fallen from 21 percent to just 10 percent--behind 
China and Japan, and barely ahead of the European Union (EU). The EU 
and several other trading partners are negotiating or have recently 
concluded trade agreements with Korea. If the United States-Korea trade 
agreement is not approved, the United States could lose further market 
share, export-supported jobs, and economic growth opportunities, with 
damage to our leadership position in the region.
  As a part of an ambitious trade agenda, it is important that the 
Congress renew a strong and robust Trade Adjustment Assistance Program 
consistent with reforms enacted in 2009. Renewal of that program is 
necessary to support Americans who need training and other services 
when their jobs are adversely affected by trade. As we expand access to 
other markets abroad, we need to ensure that American workers are 
provided the tools needed to take advantage of these opportunities and 
are not left behind in the global economy.
  Approving and implementing the Agreement is an opportunity to shape 
history. We must seize the moment together to support jobs for the 
American people today and to sustain U.S. leadership well into the 21st 
century. I urge the Congress to enact this legislation promptly.
                                                        Barack Obama.  
The White House, October 3, 2011.

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