Dave Camp: “The U.S.-Korea agreement is the most commercially significant trade agreement considered by the Congress in 17 years…”

“The U.S.-Korea agreement is the most commercially significant trade agreement considered by the Congress in 17 years, and it couldn't come at a better time. With the unemployment rate stuck stubbornly above 9 percent, we must seek out and take advantage of all opportunities to create American jobs. This agreement, known as KORUS, will do just that by supporting hundreds of thousands of good-paying jobs in all sectors. Last year, I worked closely with the administration, the major auto makers, auto workers and Mr. Levin to address persistent barriers to U.S. automobile trade with South Korea. The supplemental agreement which is incorporated in the legislation before us today addresses key tariff and nontariff barriers, and includes numerous provisions to ensure that South Korea can no longer use its regulatory system to block U.S. exports. The International Trade Commission estimates that removal of nontariff barriers will add an additional $48 million to $66 million in new exports. This, in addition to the $194 million in expected new exports from lower Korean tariffs on U.S. autos. Inaction on KORUS has allowed the EU and other competitors to step in and steal U.S. market share and has diminished U.S. leadership in Asia. KORUS is key to our engagement in Asia and a critical bulwark to Chinese influence in the region.…”