Mr. CANSECO. Madam Speaker, I rise in strong support of the South Korea free trade agreement, which is the most significant trade agreement the United States has negotiated in more than 16 years, and I thank the leadership of our chairmen, Mr. Camp, Mr. Brady, and Mr. Dreier, in this regard.
The International Trade Commission's analysis shows that the South Korean agreement will increase U.S. exports to South Korea by at least $9.7 billion annually, the tariff cuts alone will add $10.1 billion to the U.S. economy annually, and that U.S. exports to South Korea will increase by nearly 30 percent more than imports from South Korea.
The economic activity that will result from the South Korean agreement will mean thousands of new jobs here at home. The Commerce Department has estimated that every $1 billion in exports creates 6,000 new jobs.
In particular, the South Korean agreement is especially beneficial for agriculture. In the 23rd District of Texas, I have the privilege to represent many agricultural producers. This agreement would be a huge win for American farmers and ranchers by ensuring that our competitors who are also seeking trade agreements with Korea are not at an advantage in South Korea's $15 billion per year agricultural market.