Senate Foreign Relations Committee Chairman John Kerry (D-MA) issued the following statement after the United States and Korea failed to reach an agreement on the Korea -- U.S. Free Trade Agreement (KORUS):
"I know both sides will continue to work round the clock to resolve outstanding issues on the KORUS trade pact, and I continue to hope for its prompt submission to Congress within the next few months. In spite of today's polarized political environment, bipartisan cooperation on KORUS is attainable in the next Congress.
"New export opportunities in South Korea for U.S. companies can generate good-paying American jobs and contribute to our economic recovery. Moreover, an agreement would send an important message to an ever-closer ally and the broader region at a time of uncertainty on the Korean Peninsula. But it's very important that any agreement come with the right set of terms to empower American auto workers and ranchers. I know the Administration will spare no effort to send Congress a strong trade pact that can help create more jobs and revitalize our economy."
In May, Chairman Kerry and Ranking Member Lugar sent a letter to the Administration calling for the timely resolution of outstanding issues related to the Korea - U.S. free trade agreement. They argue that it is in the best economic and strategic interest of the United States to strengthen ties with its allies.