OC Leaders Discuss Trade Pact between US, Korea

Samantha Schaeffer for the Orange County Register, February 8, 2012

Orange County business leaders and o cials met with the U.S. and Korean ambassadors last week to discuss the Free Trade Agreement being implemented by the two nations. The agreement is expected to add between $10 billion and $12 billion to U.S. Gross Domestic Product from the reduction of Korean tari and tari -rate quotas, and will bring in around $10 billion in annual merchandise exports to Korea, according to the U.S. International Trade Commission. Within ve years of implementation, close to 95 percent of consumer and industrial trade will become duty free for both nations, and most remaining tari s will be eliminated within 10 years.

U.S. Ambassador to the Republic of Korea Sung Kim, Irvine Mayor Sukhee Kang, and Korean Ambassador to the United States Deok-Soo Han

Orange County o cials and business leaders met with representatives from the Republic of Korea last week to discuss the impact of the United States - Korea Free Trade Agreement on the region. U.S. Ambassador to the Republic of Korea Sung Kim, Irvine Mayor Sukhee Kang, and Korean Ambassador to the United States Deok-Soo Han spoke at the roundtable discussion. U.S. Ambassador to the Republic of Korea Sung Kim, Republic of Korea Ambassador to the United States Han DeokSoo, Irvine Mayor Sukhee Kang and members of the Orange County business community, attended the roundtable to discuss the implementation process and e ect on local businesses. The event was hosted by the Irvine Chamber of Commerce, the U.S. Commercial Service, the Orange County Business Council and the U.S. - Korea Business Council. The agreement is the rst free trade agreement with a North Asian partner, according to the U.S. Trade Representative. Provisions are expected to begin to take e ect throughout the year. As recently as 2003, the United States was Korea's largest trading partner, but in recent years has fallen below the European Union, China, and Japan, said Kang, who gave several speeches throughout the day. The FTA will be an important factor in state job creation and will also have a local bene t to Irvine, which has a strong presence domestically and in the international market. With a large Korean American population and diverse business transactions, the city is positioned to attract Korean businesses that wish to invest or bring their headquarters to the city, Kang said. International trade is key to economic improvement, and the rati cation of the agreement will make both countries stronger, he said. "Culture thrives in Orange County with the presence of international businesses," Kang said. "Open export and import trade and any kind of business activity can really revitalize the city of Irvine and Orange County as a whole." There are a number of major Korean businesses operating in Orange County and many Orange County businesses that want to grow their Korean markets, said Chris Lynch, vice president of economic development for the chamber. The meeting was an opportunity to bring those interests together and to answer some of the questions and concerns before the FTA takes e ect. The presentation on the agreement was informational and straightforward, Lynch said, and o cials seem willing to work with all parties to ensure the agreement works to everyone's bene t.

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