AEM supports conclusion of U.S.-Korea FTA negotiations.
Press Release Summary:
Association of Equipment Manufacturers (AEM) applauds Ambassador Schwab and her negotiation team for their hard work in crafting a strong agreement that benefits American manufacturers and urges Congress to approve and implement this agreement. The association noted that the U.S.-Korea Free Trade Agreement will help strengthen the relationship between the two countries and underscores the substantial U.S. engagement in and commitment to Eastern Asia.
Original Press Release:
AEM Supports Successful Conclusion of U.S.-Korea Free Trade Agreement Negotiations
Also Advocates Renewal of Presidential Trade Promotion Authority
The Association of Equipment Manufacturers (AEM) supports the successful conclusion of the 10-month-long U.S.-Korea Free Trade Agreement (FTA) negotiations.
Korea is the seventh largest trading partner with the United States, and over the past 10 years, its real average annual growth rate in trade was two and a half times the pace of its Gross Domestic Product (GDP) growth.
The U.S.-Korea FTA will help significantly level the playing field for American manufacturers by eliminating tariffs on many products that play important roles in the U.S. economy, including those produced by the off-road equipment manufacturing industry which AEM represents. Nearly 95 percent of bilateral trade in consumer and industrial products will become duty-free within three years of entry into force of the agreement, with most remaining tariffs eliminated within 10 years.
AEM applauds Ambassador Schwab and her negotiation team for their hard work in crafting a strong agreement that benefits American manufacturers and urges Congress to approve and implement this agreement. The association noted that the U.S.-Korea FTA will help strengthen the relationship between the two countries and underscores the substantial U.S. engagement in and commitment to Eastern Asia.
AEM is a longtime supporter of fair and free trade, and the association also supports Ambassador Schwab and the United States Trade Representative (USTR) team on the renewal of presidential Trade Promotion Authority (TPA) to enhance U.S. negotiation of such bilateral as well as multilateral trade and investment agreements.
The U.S. off-road equipment manufacturing industry relies on export as well as domestic business, and these agreements can help open markets and provide more opportunities for American companies, workers and farmers, stated AEM.
For more information contact AEM's Nick Yaksich (202-898-9065).
