Farm Bureau, Microsoft Co-chair Korea FTA Coalition

Kathleen Connors, President of the Washington State Council on International Trade (WCIT), announced on May 8 the formation of a state-wide coalition to support Congressional passage of the U.S.-Korea Free Trade Agreement. 

 "The U.S.-Korea FTA will provide major benefit to Washington State and our coalition of  Washington State companies, farmers, industry organizations, non-profit associations, educational institutions, local chambers of commerce and individuals that will work hard to support approval of this trade deal"  says Connors.   "One out of three jobs in the State currently is related to international trade. The U.S.-Korea FTA will create new opportunities for many in Washington State.  In 2007, Korea was Washington's fifth largest export market. Washington State companies - particularly the small and medium-sized companies, ranches and farms - are the biggest exporters to Korea."

The U.S.-Korea FTA is the most commercially significant U.S. trade deal in 15 years.   U.S. exporters of manufactured goods and agricultural products will no longer face high or prohibitive tariffs when entering the Korean market.  Nearly 95 percent of U.S. manufactured exports will face zero duties after three years.  On day one of the FTA's implementation, two-thirds of U.S. agricultural products will enter the Korean market duty free, a clear win for Washington state producers of wheat, soybeans, potatoes, cherries, and beef.   Processed agriculture from Washington State wines to coffee exports will similarly gain from major tariff reductions.   

For U.S. services providers, from telecommunications, insurance, information technology, entertainment and financial services, the agreement represents a big win in terms of new market access opportunities.  For Washington's high-tech industries, the agreement also strengthens protections for intellectual property by deterring piracy and unauthorized sharing of music, video and software and other content over the Internet.  This is vital in Korea, where broadband access is even more widespread than in the United States. 

Washington's ports, already benefiting from a strong trade relationship with Korea, should see a significant increase in traffic once the FTA enters into force.   Greater business means more people and cargo travelling between Seattle and Seoul, supporting more jobs here at home. 

The Coalition, which will be co-chaired by the Washington State Farm Bureau and the Microsoft Corporation, will have WCIT serve as the secretariat.  

Steve Appel, President of the Farm Bureau said: "The U.S.-Korea FTA is vitally important to Washington State agriculture.  The Farm Bureau is going to work hard with the Coalition to help Congress understand the remarkable opportunities that are created by this Agreement.  This is a big win for U.S. agriculture, and by extension, Washington State".

Pamela Passman, Microsoft Corporate Vice President and Deputy General Counsel, stated that "Microsoft is delighted to work with WCIT and the newly-formed Coalition.  The U.S. - Korea FTA includes ground-breaking provisions that will be of major benefit to the high tech sector.  The FTA is a critical component of U.S. engagement in the dynamic Asia-Pacific region.  It will create momentum for further trade liberalization in that part of the world as well as help boost the U.S. economy here at home."

For trade-dependent Washington State, this agreement provides a wealth of new opportunities in the Korean market and beyond. 

Coalition members will be sent regular updates on the consideration of the FTA and invited to FTA-related events. Join the coalition today and let your voice be heard by Congress!

For more information, contact Patrick Connor, National Affairs Director, at (800) 331-3276.

To join the Coalition, go to www.wcit.org/koreafta.