[Congressional Record (Bound Edition), Volume 157 (2011), Part 5]
[Extensions of Remarks]
[Pages 7104-7105]
[From the U.S. Government Publishing Office, www.gpo.gov]




              U.S.-KOREA FREE TRADE AGREEMENT (KORUS FTA)

                                 ______
                                 

                             HON. TOM REED

                              of new york

                    in the house of representatives

                        Wednesday, May 11, 2011

  Mr. REED. Mr. Speaker, two weeks ago, I had the privilege of visiting 
the Republic of Korea through their Congressional Member Exchange 
Program. In just 3 busy days, I was able to meet and converse with top 
officials in the Korean Government, my counterparts in the Korean 
National Assembly, business leaders, Korean War veterans and members of 
the Armed Forces.
  My father was a veteran of the Korean War, so it was particularly 
touching and meaningful for me that I was able to visit the Korean War 
Memorial and Exhibition, lay a wreath and to meet with officials at the 
Ministry of Patriots and Veterans Affairs. My visit to the War Memorial 
served as a sobering reminder of the cost of freedom that was paid 60 
years ago through the service and sacrifice of all Korean War veterans.
  I had similar chills the next day, when our delegation visited the 
Demilitarized Zone and the Joint Security Area. It is difficult, if not 
impossible, to describe the flood of emotions I felt looking out across 
the DMZ and realizing what life is like in North Korea, a country with 
one of the world's most oppressive governments and, because of that, 
one of the world's poorest populations.
  While these two occasions were strikingly memorable, they provided an 
important framework for when I had the opportunities to meet with 
Korean business leaders about trade, investment, and tourism.
  Prior to my election as a Member of Congress, it was my great 
privilege to serve as mayor of Corning, New York, and of course Corning 
is part of the 29th congressional district that I am honored to 
represent. Corning is home of Corning Incorporated, a Fortune 500 
company with interests and facilities across the globe--including in 
South Korea.
  While in Korea, I was taken on a tour of Samsung Corning Precision 
Materials and was given a very informative briefing about the company's 
activities which are critical to my district. I also had an opportunity 
to do one of my favorite things--talk about the great wines produced in 
the Finger Lakes region of New York. Korean consumers are quite 
discriminating wine drinkers and, as you might expect, have developed a 
taste for fine wine from the United States, especially from New York 
wineries.
  Currently, however, American wine exports to Korea are subject to a 
tariff that puts them out of the reach of many potential buyers. There 
is a glimmer of hope on the horizon, though, once the Congress ratifies 
and implements the U.S.-Korea Free Trade Agreement (KORUS FTA).
  The KORUS FTA reduces Korea's tariff on U.S. wine imports to zero. 
That will be good for New York vineyards. There are more than 60 
family-owned wineries in the area around my hometown, and many of them 
will benefit immediately from this new tariff-free situation.
  In addition to the meetings with business leaders, I also had 
important discussions with Minister of Foreign Affairs and Trade Sung-
Hwan Kim, Deputy Minister for Trade Seok-Young Choi, and National 
Security Advisor Yung-Woo Chun, as well as with Kyung-Pil Nam, chairman 
of the Unification, Foreign Affairs, and Trade Committee of the Korean 
National Assembly. Additionally I met with U.S. Ambassador Kathleen 
Stephens and President of the American Chamber of Commerce in Korea Amy 
Jackson.
  All of these government leaders were strong advocates of the U.S.-
Korea Free Trade Agreement. They did not have to do much to convince 
me, as I share their advocacy and appreciate their leadership and 
efforts to consolidate our alliance partnership overall.
  Today, Korea has the world's eleventh-largest economy, known for its 
high-technology industries. It is the seventh-largest trading partner 
of the United States, the fifth largest market for agricultural goods, 
and the third largest destination for U.S. foreign direct investment in 
the Asia-Pacific region.
  Bilateral trade between the Republic of Korea and the United States 
averages about $80 billion each year. The KORUS FTA represents the 
largest and most commercially significant free trade agreement ever 
signed by the United States in over a decade and since the ratification 
of the North American Free Trade Agreement.
  This free trade agreement will ultimately eliminate tariff and non-
tariff barriers, create better jobs, enrich consumer choice, boost 
industry and enhance overall welfare for both nations. It will 
immediately eliminate tariffs on almost two-thirds of U.S. agricultural 
exports worth over $1.9 billion.
  Overall, the KORUS FTA is expected to boost the more than $80 billion 
in annual two-way trade between South Korea and the U.S. by $10 billion 
to $20 billion about 5 years after ratification. The reasons for swift 
approval by the Congress of the Korea-U.S. Free Trade Agreement are 
numerous and compelling.

[[Page 7105]]

  In closing, I wish to extend my sincere gratitude to the Government 
and people of Korea for their tremendous hospitality during my visit 2 
weeks ago. In particular, I wish to thank and recognize Korean 
Ambassador Duk-Soo Han for all his help and support that paved the way 
for a successful and productive trip. He is a great advocate for his 
country and I appreciate our mutual friendship.
  Mr. Speaker, I came away from my visit emboldened and excited by the 
opportunities that lay ahead with respect to benefits of the KORUS FTA. 
On this note, I respectfully urge my colleagues to join me in support 
of this important agreement. I hope to see it brought up for 
consideration very soon, so that it can be ratified and implemented at 
the earliest opportunity.

                          ____________________