Opinion Editorial

Secretary of Commerce Carlos M. Gutierrez
Opinion Editorial, Maeil Kyungje
Seoul, South Korea
”Korea-U.S. Ties: A New Chapter in a Historic Relationship”

South Korea and the United States have an historic alliance—one rooted in security that has blossomed into one based on commerce, trade and prosperity. South Koreans have been on the front lines with us in battle, and now we stand shoulder-to-shoulder in the global economy. An increasingly competitive world demands that we engage with partners around the globe to stay ahead of the curve—together our two nations have done just that.

This week I am in Seoul to congratulate President Lee on his election and thank South Korea’s leaders—past and present—who have cleared the way forward for the Korea-U.S. Free Trade Agreement (KORUS FTA). And, while I will also reaffirm the strong commitment of President Bush to enact the agreement this year, I want to remind our friends that our work is not yet done. We must do all we can at this critical time to articulate why this agreement is beneficial to the citizens of both of our countries.

When I was last in Seoul our negotiators were crafting the KORUS FTA, the most comprehensive and significant trade agreement for the U.S. in 15 years and the largest in South Korea’s history. Less than a month ago, Presidents Lee and Bush heralded a new era in U.S.-Korean relations. The KORUS FTA will capitalize on the extraordinary synergies between our countries and reaffirm our historic alliance.

The FTA is part of a multifaceted, unwavering alliance that has served our countries well. In war and in peace we have stood by one another, securing South Korea’s independence and encouraging the development of democratic institutions.

South Korea’s transformation into the 13th largest economy in the world has been tremendous. The KORUS FTA will add even more fuel to the fire of Korea’s economic miracle, as it moves toward becoming the first fully knowledge-based, post-industrial economy in continental Asia.

This agreement enables South Korea to have permanent, preferential access that is free of tariffs to the largest market in the world. With tariff and non-tariff barriers largely eliminated, investor rights strengthened, and access to customers expanded, Korean and American consumers will see more choices and better prices on hundreds of items on store shelves and in their households. For the U.S., this agreement importantly diversifies our engagement in Asia. This agreement makes both economies more capable and efficient in a world that has no shortage of competitors. We cannot afford to pass up this important opportunity to improve our economic environment.

President Bush and the entire Administration are committed to working tirelessly to enact the KORUS FTA this year. This Administration has put into force free trade agreements with 11 countries, more than all previous U.S. Presidents combined. Free trade is helping to create a dynamic global economy, and the United States is proud to have led the way.

Those who know the historic relationship between our two nations, who want to see it strengthened and who seek Korea’s next leap in its transformation should make their voices loud and clear at this critical time. Korea and the U.S. have accomplished the extraordinary in the past, yet our best days lie ahead of us. This agreement is key to getting us to where we want to be, to a bright future together—a future now within our reach.