ROSSLYN, Va., February 2, 2006: NEMA applauds today's announcement by U.S. Trade Representative Rob Portman and his South Korean counterpart, Kim Hyun-chong, that their two governments will be launching bilateral free trade negotiations.
"Ambassador Portman has picked a market with proven potential for U.S. electroindustry exporters," says NEMA President and Chief Executive Officer Evan Gaddis. "Despite its non-tariff barriers and duties typically in the range of 8 percent, South Korea has been one of the U.S. electroindustry's leading trading partners. Breaking down existing barriers through a free trade agreement will serve to further bolster trade and strengthen our already close relationship with South Korea."
During the latest year for which figures are available (2004), U.S. electroindustry exports to South Korea exceeded $600 million, with two-way trade topping $1 billion.
NEMA is the leading trade association in the United States representing the interests of electroindustry manufacturers. Founded in 1926 and headquartered near Washington, D.C., its approximately 430 member companies manufacture products used in the generation, transmission and distribution, control, and end-use of electricity. Domestic shipments of electrical products within the NEMA scope exceed $100 billion. These products are used in utility, industrial, commercial, institutional, and residential installations.