Press Release

Gutierrez Praises Removal of Barriers to American Beef in South Korean Market as Important Step toward Consideration of U.S.-Korea Free Trade Agreement

U.S. Secretary of Commerce Carlos M. Gutierrez released the following statement:

“Today’s announcement to reopen the Korean market to all U.S. beef represents an important step forward for the U.S.-Korea Free Trade Agreement. American beef is the best in the world and this ban provided the major obstacle to consideration of the FTA. Now that this issue has been resolved, we must find a way forward on this vital agreement.

“The U.S.-Korea FTA is the most commercially significant in 15 years. Korea is our seventh largest trading partner, and is a friend and ally of the United States in an increasingly important region of the world. Last year bilateral trade between the U.S. and Korea was nearly $100 billion, and stocks of capital investment were more than $30 billion. The FTA will strengthen our existing ties and create more opportunities for U.S. workers, businesses, farmers and ranchers, who will have improved access to Korea’s nearly trillion-dollar economy.

“In 2003, the last full year before the ban was implemented, the U.S. exported $815 million in beef to Korea. We expect even greater exports of U.S. beef now that the ban has been lifted.

“Korea’s new President, Lee Myung-bak, has shown extraordinary leadership early on in his tenure and we look forward to working with his government to bring this important agreement to fruition.

“We look forward to Congressional consideration of this agreement, as well as our pending agreements with Colombia and Panama. America’s businesses, farmers, ranchers and workers deserve an even playing field. These agreements will boost U.S. exports and help grow our economy.”