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U.S. Secretary of Commerce Carlos Gutierrez and Trade Representative Susan Schwab held a press conference at the Port of Los Angeles in California emphasizing the importance of the already-signed Korea-U.S. free trade agreement and urging its prompt ratification.
They are on the West Coast for Cabinet-level trade talks with China.
Gutierrez added the Korea-U.S. FTA is more important than the other two trade agreements awaiting congressional approval with Columbia and Panama.
The FTA with Korea signed in June last year is the second biggest trade agreement for the U.S. after the trilateral North American Free Trade Agreement or NAFTA. Gutierrez also expressed hope that the treaty can be presented to Congress as soon as possible with ratification within this year.
Schwab for her part elaborated on the economic benefits of the agreement and openly criticized Congress. "The Korea-U.S. FTA will contribute to at least $10 billion to U.S. economic growth. It will contribute to Korea's economic growth,Ħħ she said. "The leadership and Congress have not even held hearings on these free trade agreements."
Senior Korean diplomats and trade experts in the U.S. were invited to the press conference. But despite the high-profile audience, the media evaluate the comments as lacking in detail and substance.
Arirang News.
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