[Congressional Record (Bound Edition), Volume 157 (2011), Part 5]
[Extensions of Remarks]
[Page 7308]
[From the U.S. Government Publishing Office, www.gpo.gov]




            IN SUPPORT OF STRENGTHENING U.S.-KOREA ECONOMIES

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                          Friday, May 13, 2011

  Mr. RANGEL. Mr. Speaker, I rise to express my deep appreciation to 
the gracious hospitality President Lee Myung-bak of South Korea and his 
countrymen have extended to me, Secretary of Commerce Locke and my 
esteemed colleagues on the Ways and Means Committee--Representatives 
Jim McDermott, Joe Crowley and Dave Reichert--during our recent trip to 
the Peninsula as part of a trade delegation.
  As a Korean War Veteran, I could not have been more proud to witness 
today's Dynamic Korea. Seoul's skyscrapers, booming businesses and 
rising apartment buildings are a testament to the resiliency and 
determination of the Korean people.
  There are presently more than two million Americans of Korean descent 
living in our own country. In my home state of New York, there are more 
than 200,000 recent immigrants and native-born Korean-Americans who 
make significant contributions to our communities.
  It is no wonder that trade and investment between the United States 
and Korea has been growing rapidly over the past few years. South Korea 
is the seventh-largest trading partner of the United States, with more 
than $80 billion in trade passing between our two countries. Korea is 
also the world's 11th-largest economy, the sixth largest market for 
U.S. agricultural goods, and the third largest destination for U.S. 
foreign direct investment in the Asia-Pacific region.
  Korea has always been one of our closest and most important allies. 
Free trade between U.S. and Korea will strengthen our respective 
economies. In a speech to the American Chamber of Commerce in Seoul, 
Secretary Locke noted that ``the U.S.-Korea trade pact is the United 
States' most significant trade agreement in 17 years. And it's 
estimated to increase American economic output more than our last nine 
trade deals combined.'' In both countries, consumers will see lower 
prices for goods and services, businesses will have better access to 
supplies and technology, and workers will find more jobs available to 
them.
  In addition, ratification of the agreement will enhance security and 
stability in Northeast Asia. A stronger South Korean economy is a 
bulwark against threats from North Korea. I remain astounded by the 
economic success that Korea achieved since I first landed at the Pusan 
Perimeter in the summer of 1950. There is such a satisfaction in 
knowing that the noble service and sacrifice of the nearly 1.8 million 
American soldiers, sailors, airmen and Marines were not made in vain.
  On a personal note, I especially thank President Lee Myung-Bak and 
his Minister of Patriots and Veterans Affairs Park Sung-Choon for the 
moving ceremony held at the War Memorial of Korea in honor of my 
service and the U.S. veterans who fought to defend Korea sixty one 
years ago. Korea will always have a place in my heart as it does in the 
hearts of all veterans who have served then and those who serve now.
  In closing, I extend my appreciation to Foreign Minister Sung-Hwan 
Kim, Trade Minister Jong-Hoon Kim, and leaders in the National Assembly 
for their warm welcome. Our delegation is indebted to U.S. Ambassador 
Kathleen Stephens and her exceptional staff at the U.S. Embassy in 
Seoul, as well as Secretary Locke's Department of Commerce staff, for 
their outstanding support and professionalism that made our trip 
successful.
  I am also grateful to my good friend, ROK Ambassador Duk-Soo Han, for 
his continuous work on strengthening the relationship between our two 
nations. He has been working tirelessly to move the U.S.-Korea FTA, and 
I look forward to the days and weeks ahead as the agreement moves 
forward and urge my colleagues to offer their own expressions of 
support.

                          ____________________