On the recordOctober 12, 2011
I thank the gentleman. This agreement will break down trade barriers. Frankly, it will level the playing field for 19,000 small and medium-sized businesses here in the United States and the farmers here who export into this market. It means 280,000 new American jobs and, frankly, it means $10 billion in new exports. And let's remember this: Europe has this trade agreement. It went into effect on July 1. They've seen a 17 percent increase in their exports into the market in South Korea at our expense. Why? Because, frankly, U.S. exports to Korea currently face an average tariff of 12.2 percent, and it's, frankly, 49 percent for agricultural products. If we can bring that down--their tariffs are higher than ours. If we can bring that down, we can get that market share. We can increase that trade and develop these jobs. And the agreement also removes the barriers and provides transparency. It provides property rights. It has rules on competition that make U.S. businesses much more competitive in Korea, that gives them access into that market.
