Jobs On The Way: U.S.-Korea Trade Agreement Takes Effect Today
President Barack Obama signs the “United States-Korea Free Trade Agreement Implementation Act,” in the Oval Office, Oct. 21, 2011. (Official White House Photo by Pete Souza) As of March 15, 2012, the U.S.-Korea Trade Agreement – the most commercially significant U.S. trade agreement in nearly two decades -- is now in effect. The opportunities this agreement offers to American manufacturers, service providers, farmers, ranchers, and workers are key components of President Obama’s National Export Initiative, which aims to double American exports by the end of 2014 and support additional American jobs.  President Obama insisted that we get this agreement right, working with Congress, stakeholders, and our Korean government counterparts to address outstanding issues and then seal the deal.  Now, greater export opportunities will make American businesses of all sizes more competitive in the global economy, and allow them to support more jobs for Americans in sectors ranging from automobile manufacturing to delivery services to agriculture of all kinds. The tariff cuts in the agreement will increase exports of American goods alone by $10-11 billion, supporting an estimated 70,000 jobs across the country. Export opportunities will also grow as the agreement opens Korea’s $580 billion services market, streamlines customs procedures, reduces red tape, and better protects American intellectual property rights.  read more
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