Press Release Summary:
NEMA welcomed announcement that negotiations between United States and South Korea on free trade agreement (FTA) concluded successfully in Seoul on April 1. KORUS FTA will address Korean non-tariff barriers, improve intellectual property protection, and feature aggressive elimination of tariffs on percentage of electroindustry trade between both countries.
Original Press Release:
NEMA Applauds Successful Conclusion of U.S.-Korea FTA Negotiations
(ROSSLYN, VA) - The National Electrical Manufacturers Association (NEMA) welcomed today's announcement that negotiations between the United States and South Korea on a free trade agreement (FTA) concluded successfully in Seoul on April 1. The "KORUS FTA" is expected to address Korean non-tariff barriers, improve intellectual property protection, and feature aggressive elimination of tariffs on a significant percentage of electroindustry trade between the two countries.
"Our industry has been running a trade surplus with Seoul in recent years, a trend that stands to improve even further with this landmark agreement," said Evan Gaddis, NEMA president and CEO. "South Korea is the world's tenth largest economy and is in the top echelon of our industry's trading partners."
"NEMA commends U.S. Trade Representative Susan Schwab and her negotiating team for their achievement," said Gaddis. "We look forward to analyzing the final FTA package with them and preparing for congressional consideration and passage as soon as possible."
NEMA is the trade association of choice for the electrical manufacturing industry. Founded in 1926 and headquartered near Washington, D.C., its approximately 450 member companies manufacture products used in the generation, transmission and distribution, control, and end-use of electricity. These products are used in utility, medical imaging, industrial, commercial, institutional, and residential applications. Domestic production of electrical products sold worldwide exceeds $120 billion. In addition to its headquarters in Rosslyn, Virginia, NEMA also has offices in Beijing, Sao Paulo, and Mexico City.