WASHINGTON -- U.S. Trade Representative Rob Portman announced today that the Administration intends to negotiate a free trade agreement with South Korea.  In 2004, trade between the United States and South Korea was over $70 billion - making South Korea the United States’ seventh largest trading partner. 

“I applaud Ambassador Portman for his decision to begin negotiations with South Korea.  I have long supported closer economic ties with Korea and believe an ambitious, high-standards free trade agreement with Korea could provide real benefits to hard-working Americans,” said Ways and Means Ranking Member Rep. Charles B. Rangel, a Korean War veteran.

“By negotiating a trade agreement with South Korea, the United States can use its leverage to tear down the many long-standing barriers that prevent U.S. companies from competing on a level playing field in Korea,” said Rep. Cardin.  “I am hopeful the United States will be able to obtain meaningful commitments from Korea to open its market to American products and services.  This agreement must break new ground in our trade relations with Korea - to ensure real market access rather than empty promises.”

“For far too long, U.S. companies have faced significant problems exporting to Korea.  This agreement presents an historic opportunity to resolve these problems and open Korea’s market to U.S. products,” said Rep. Tanner.    

###