Today, U.S. Commerce Secretary John Bryson delivered keynote remarks at a luncheon co-hosted by the Center for American Progress and the Confederation of Businessmen and Industrialists of Turkey (TUSKON). The event, titled “Building on the Progress in Turkish-American Economic Cooperation,” comes at an exciting time in U.S.-Turkish relations, with bilateral trade reaching a record level of $20 billion this past year.

Turkey is the world’s-17th largest economy, and was the world’s second-fastest growing economy in 2011.

During his remarks, Bryson talked about the president’s National Export Initiative, which aims to double U.S. exports from 2010 to 2014. He noted that U.S. exports to Turkey have already doubled.

Over the past two years, the U.S. and Turkey have come together through the Framework for Strategic Economic and Commercial Cooperation. Secretary Bryson announced today that he plans to attend the next Framework meeting that will be held in Turkey in late June.

Secretary Bryson also emphasized the importance of stronger bilateral investment, including efforts such as SelectUSA.

Bryson ended his remarks by saying, “Let’s do everything possible to usher in a long and prosperous era–as the bonds between our two nations continue to grow in the 21st century.”

The United States-Korea Trade Agreement (KORUS Agreement) enters into effect today, reducing tariffs on almost all U.S. industrial exports to South Korea and making it easier for U.S. exporters to successfully compete in the Korean market.

With the implementation of the KORUS Agreement, tariffs will immediately be eliminated on almost 80 percent of U.S. exports to Korea.

Tariffs will also be reduced on other industrial exports that are not made automatically duty-free—the average tariff rate on U.S. industrial exports to South Korea will be reduced from 6.2 percent to 1.1 percent. Most remaining tariffs will be eliminated within 10 years. In addition, the KORUS agreement will eliminate tariffs on nearly two-thirds of all U.S. agricultural exports to Korea. The Commerce Department’s International Trade Administration (ITA) can help exporters figure out when tariffs on their products will be reduced or eliminated (PDF).

The KORUS agreement means more trade for U.S. businesses and more jobs for American workers. The tariff reductions give U.S. exports a competitive advantage in the Korean market, creating new opportunities for companies to do business in South Korea and providing opportunities to expand the reach of their businesses.

For example:

• Zeeland Farm Services, Inc. (ZFS) is a family-owned and operated agricultural and transportation business with over 200 employees. ZFS was able to break into the Korean market in 2008, and their annual sales revenues in exports to Korea have been around the $5 million mark. The base tariff rates on ZFS’s product categories range from three percent for cottonseed exports to eight percent for soybean meal exports. Under the KORUS agreement, all of these tariffs would immediately drop to zero, giving ZFS a competitive advantage in the Korea market.
• iWood Eco Design is a Louisville, Kentucky-based manufacturer of custom wood-framed sunglasses. The company currently pays an eight percent tariff on its exports to Korea, Under the KORUS agreement, these sunglasses will enter the country duty-free, immediately creating cost savings for the company. Expedited customs clearance commitments in the pending trade agreement would also facilitate greater access to international delivery services.
• Pipe Line Development Company (PLIDCO), a Cleveland, Ohio-based manufacturer of pipeline repair and maintenance fittings, currently employs approximately 100 employees. International markets, including Korea and other Asian markets, comprise 74 percent of PLIDCO’s export revenue. PLIDCO currently faces tariffs of up to eight percent on its exports to the Korea. These tariffs will be eliminated under the KORUS agreement, enabling PLIDCO to better compete with other top exporters to Korea, including those from the EU and Iran.

The KORUS agreement is also an important step toward meeting President Obama’s National Export Initiative (NEI) goal to double U.S. exports by the end of 2014. This commitment to supporting exports is one way the Commerce Department is working to support an American economy that’s built to last.

Guest blog post by Nicole Y. Lamb-Hale, Assistant Secretary for Manufacturing and Services, International Trade Administration

This week I’m in Singapore leading a delegation of fifteen small and medium sized U.S. aerospace companies to the 2012 Singapore Air Show. The delegation is part of the overall presence of U.S. companies at the U.S. International Pavilion, which this year featured more than 70 companies, 27 of whom are first time exhibitors. In total, more than 170 U.S. companies are exhibiting at the air show, which is Asia’s largest aerospace and defense event and one of the top three air shows in the world.

One of the highlights of my trip was witnessing a signing ceremony between Boeing and Indonesia’s Lion Air. Lion Air has agreed to buy 230 new 737-model aircraft from Boeing, valued at $21.7 billion, making it the largest commercial deal in company history. The sale is estimated to support 110,000 industrial jobs in the U.S.

Yesterday the president released his FY2013 budget request and Secretary Bryson announced the Department of Commerce’s requests. In the president’s budget, there is strong support for manufacturers by increasing investments in advanced manufacturing, new trade promotion efforts, and innovation investments.

To strengthen and extend Advanced Manufacturing research, Commerce's National Institute of Standards and Technology is requesting an increase of $45M for a total of $135M. These laboratory efforts are further leveraged with a request of $21M to support the Advanced Manufacturing Technology Consortia Program, and $20M for a NIST Centers of Excellence program. These programs will strengthen public-private partnerships and accelerate innovation focused on manufacturing and technology development.

The president’s budget provides $128 million for the Hollings Manufacturing Extension Partnership (MEP) to improve the competitiveness of small- and medium-size firms in manufacturing and service industries through custom consulting and product testing.