(Washington D.C.)- House Ways and Means Trade Subcommittee Chairman Sander Levin (D-MI) today issued the following statement upon completion of the U.S.-South Korea free trade agreement (FTA):

"Congress has the Constitutional authority to regulate foreign trade and has delegated that authority to the Executive.  It must, in exercising that authority, respect the new majority in Congress and with it the need for a new trade policy.

"Congress made clear that a FTA with Korea had to do away with its iron economic curtain against U.S. agricultural and industrial products, especially automotive which represents 82 percent of the $13.4 billion U.S. trade deficit with Korea.

"In agriculture, the barriers remain against rice and against beef.

"In automotive, the Koreans got what they wanted, immediate elimination of the U.S. tariff on most autos and on all auto parts as well as eventual elimination of the tariff on trucks.

"The U.S. did not get what was needed - an agreement that assures that the U.S. automotive industry will no longer face the barriers to their products, that trade will be truly a two way street (Korea exports 700,000 vehicles to the U.S. annually while the U.S. sells less than 5,000 in Korea).

"A broad, bipartisan group of lawmakers cautioned the United States Trade Representative (USTR) that any FTA negotiated with Korea must include provisions that assure elimination of the barriers against U.S. automotive products and the opening of Korea's iron curtain around their market.

"Sending this agreement to Congress will only be a formality and I will oppose it unless the 90 day Congressional review period is used to provide real assured market access to American products."

Click here to view the Bi-partisan Congressional Proposal released on March 1st.  

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