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Statement by U.S. Commerce Secretary John Bryson on the U.S.-Korea Trade Agreement

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Thursday, March 15, 2012

“The U.S.-Korea Trade Agreement that enters into force today is an important milestone that will give our workers and businesses a real boost. It is expected to increase U.S. exports by as much as $11 billion based on tariff cuts alone and support tens of thousands of American jobs. This is our most significant trade agreement in nearly two decades and will do even more to help U.S. companies sell their products and services in the large and growing market of Korea.

This agreement will help open up access to the world’s 12th-largest economy by eliminating Korea’s tariffs on almost 80 percent of U.S. exports of industrial goods on entry into force. It will bolster the continued expansion of U.S. exports, which supported an increase in 1.2 million jobs from 2009 to 2011. In short, it will present real and immediate new opportunities (PDF) for U.S. exporters seeking to enter or expand their presence in the Korean market. This administration is dedicated to helping U.S. businesses and workers sell their goods to the 95 percent of the world’s consumers who live beyond our borders, and giving them a fair shot so they can compete and they can win.”

Fact Sheet (PDF)