United States-Korea Free Trade Agreement Implementation Act

Floor Speech

* Mr. CONNOLLY of Virginia. Mr. Speaker, ratification of the Korea-U.S. Free Trade Agreement--or KORUS--is economically important, for the nation and for my home state of Virginia. According to the U.S. International Trade Commission, U.S. exports to South Korea would increase by more than $10 billion. Increased U.S. exports mean more U.S. manufacturing jobs.

* Korea is the 14th largest export market for Virginia goods, and the trade agreement would strengthen that relationship. Upon implementation of KORUS, Virginia exporters would have a $4 million cost advantage over similar global competitors without a Korean agreement. Eight out of Virginia's ten top exports would enter Korea duty free immediately.

* The U.S. tech industry, which has a significant presence in Northern Virginia, also stands to gain from KORUS. According to industry groups, exports from the U.S. to South Korea could increase by up to 49 percent. Korean businesses have a strong presence in Virginia and we must ensure that businesses in Virginia and throughout the nation have equal access. I urge my colleagues to support the Korean Free Trade Agreement.

Source