Press Releases

Washington, DC—U.S. Senator Jim Webb, chairman of the Subcommittee on East Asian and Pacific Affairs of the Foreign Relations Committee, issued the following statement regarding the Senate passage of the U.S.-Korea Free Trade Agreement (KORUS FTA):

“Passage of the U.S.-Korea Free Trade Agreement will bolster the U.S. economy and send a strong signal to our ally, the Republic of Korea, and the rest of the region that the United States will remain deeply engaged in East Asia.

“It should be emphasized that this agreement is between two mature economies.  South Korea is now the world’s 13th largest economy and our seventh largest trading partner.  New export opportunities in this agreement can generate well-paying American jobs and contribute to our economic recovery.  Virginia’s industries will benefit directly.  For example, eight of Virginia’s top 10 exports, including coal and tobacco, will enter Korea duty-free immediately.  Duties on many of Virginia’s agricultural products, including soybeans and wine, will be eliminated immediately.  

“Just as important, this agreement demonstrates our ability to follow through on commitments to free trade and to cement our role as the guarantor of stability in East Asia. Northeast Asia is the only area in the world where the interests of China, Russia, Japan, and the United States directly intersect. In the middle of this is a divided Korean Peninsula, underlining the vital importance of the relationship that the United States shares with South Korea.

“Upon returning from a visit to South Korea last year in June, I called for a swift resolution of outstanding concerns with the agreement. I am pleased that both parties have set aside minor differences to pass this vital free trade agreement.”

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