Senator John Hoeven on Tuesday briefed media on his recent trip to Asia with U.S. Senate Minority Leader Mitch McConnell to promote trade and review U.S.-Asian Security issues. The Congressional delegation on Saturday completed their visit to South Korea and India, as well as Afghanistan.
While in South Korea, Hoeven met with President Lee Myung-bak and Foreign Minister Kim Sung-hwan to promote the U.S.-Korea Free Trade Agreement now awaiting ratification by the President and approval in the U.S. Senate.
The proposed agreement will eliminate or reduce Korean tariffs on U.S. autos, manufactured goods, and agricultural products to South Korea’s 49 million consumers. Ratification of the pact will eliminate more than 85 percent of the tariffs between the United States and the Republic of Korea, and is expected to increase U.S. exports to that country by more than $10 billion. It will also open new markets for American services in South Korea, including energy.
“The U.S.-South Korea Free Trade Agreement will increase the level of commerce between the United States and Korea, which has a $1 trillion economy and is already our eighth largest trading partner,” Hoeven said. “From the U.S. perspective, it eliminates tariffs and opens Korean markets to more American products and services, including agricultural and manufactured goods, which will benefit North Dakota. Most importantly for our state and our nation, increased trade with Korea will help to create new opportunities for American businesses and new jobs for American workers at a time when they are greatly needed.”
Source: The Office of Senator John Hoeven