Congressman Gerry Connolly issued the following statement on the importance of the Korea Free Trade Agreement in response to a May 6 letter from Virginia Governor Bob McDonnell:

Statement of Congressman Gerry Connolly
on Governor McDonnell’s Trade Mission to Asia
May 6, 2011

I applaud Governor McDonnell for taking time out of his schedule to lead a trade mission to Asia with a strong emphasis on seeking increased exports to South Korea.  Such a trade mission can reap large benefits for Virginia companies, Virginia workers, and the Commonwealth’s economy.

Today, I received a letter from the Governor discussing his trip and seeking my support to continue to work for approval of the U.S.-Korea Free Trade Agreement (KORUS FTA).  I will be informing the Governor by letter that we are on the same page when it comes to this vital agreement.

As the Co-Chair of the Congressional Caucus on Korea, I have met several times with Korean Ambassador Han Duk-soo to discuss trade issues and the KORUS FTA.  In fact, I am scheduled to have dinner next week with Ambassador Han. 

In our meetings, I have stressed to the Korean Ambassador that a free trade agreement with his nation must also be a fair trade agreement, and that the United States will monitor the situation closely to insure that the FTA is fair to both nations.  I have had similar conversations with the U.S. Trade Representative, Ambassador Ron Kirk.

While I agree with the Governor on the importance of the KORUS FTA to Virginia’s agricultural products industry, there is also tremendous potential for growth in our technology sector, which is so vital to the Commonwealth’s economy, and Northern Virginia in particular.  Industry experts predict that technology exports from the United States to South Korea could increase by 43 to 49 percent, while imports of technology products from South Korea would rise by 23 to 30 percent.  With Northern Virginia second only to Silicon Valley in its concentration of technology companies, it is clear that Virginia would be a major beneficiary of the KORUS FTA.

Korea is currently the 14^thlargest export market for Virginia goods, and ratification of the trade agreement will strengthen that relationship and provide immediate economic benefits to our state’s technology, manufacturing, agricultural, and energy sectors.

As Governor McDonnell knows and I know, the KORUS FTA will benefit businesses and citizens in every region of our Commonwealth, and that is a good thing.

Congressman Connolly with Korean Ambassador Han Duk-Soo 

Washington Post: Connolly, McDonnell Urge Approval of Free Trade Agreement with Korea