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Convincing the U.S. Congress to pass the Korea-U.S. free trade agreement (KORUS FTA) as soon as possible is the main priority of the American Chamber of Commerce Korea (AMCHAM), according to its new chairman Frank Little.
``It was very encouraging yesterday that the final text of the FTA was agreed upon and that U.S. President Barack Obama chose to mention Korea specifically… We think it is important to get it passed and we’re making sure Korea is first in line,” Little said, in a press conference at the Ritz Carlton Hotel, southern Seoul, Thursday.
This comes a day after Obama’s State of the Union address where he said the free trade agreement with Korea enjoyed “unprecedented support" from the Democrats and Republicans, as well as business and labor sectors.
“We will work together closely to ensure the leaders of both countries understand the importance of the agreement to our respective economies, as well as to our bilateral alliance and urgent need to get it ratified as soon as possible,” Little said.
The KORUS FTA was signed in June 2007, but faced opposition due to contentious issues related to beef and automobile imports. However, the two parties reached a final agreement last December, with Korea acquiescing to U.S. demands on automobile imports.
AMCHAM leaders will go to Washington, D.C. in early spring where they will meet with key U.S. administrative officials and members of Congress to push for the KORUS FTA.
“We will travel to Washington, D.C., as many times this year as it takes to get this agreement passed,” Little added.
AMCHAM is also planning to host U.S. congressional delegations in Korea to show them the benefits of the FTA, and work with business groups to raise awareness of Korea and the FTA’s benefits among Americans.
“We expect more senior level administration officials and Congress members to come here. We’re looking forward to showing them just how dynamic Korea is and how many opportunities there are for Korea and U.S. businesses,” AMCHAM president Amy Jackson said.
Seoul and Washington have finalized the text of the FTA, and is expected to officially sign the document by the middle of February.
Korea and the U.S. agreed to delay the tariff cuts for automobiles. Revisions include the U.S. eliminating a 2.5 percent tariff on Korean cars within 4 years instead of 3 years as previously agreed; and Korea slashing the 8 percent tariff on U.S. car imports to 4 percent, instead of immediately eliminating it.
Aside from the KORUS FTA, AMCHAM is also focusing efforts on expanding new cooperation between American and Korean firms, in areas such as healthcare, and energy and green growth.
Little, who is also president and managing director of 3M Korea, declined to comment on the long-standing labor problems that has been plaguing 3M’s operations in Korea.
However, Little did say that these illegal and violent strikes in Korea are a continued source of concern for foreign businessmen.
“In general, labor issues including the use of illegal, and sometimes violent, strikes continue to be an issue for AMCHAM and other foreign chambers in Korea. These images are broadcast around the world and paint a very negative image of Korea... But we're committed to working with the government to improve the labor environment and make this a better place to invest,” he said.
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