KORUS FTA Ratified in Korean National Assembly

This morning, I am thrilled to announce that the U.S.-Korea Free Trade Agreement (KORUS) has been ratified in the Korean National Assembly. Passage of the agreement in today’s extempore session clears the way for a new level of cooperation and prosperity between our two nations. The agreement passed by a vote of 151-7, with all 14 KORUS implementation bills approved as well.

Nov 22, 2011
Tami Overby, President, U.S.-Korea Business Council
Vice President, Asia, U.S. Chamber of Commerce

As we conclude more than five years of arduous work, I wish to offer my sincere thanks for your long-standing support of the agreement. The Administration, as well as Congress, are to be commended for their efforts in pushing KORUS through the finish line. Much thanks is also due to Ambassador Han and his remarkable team, without which, ratification in either capital would not have been possible.

I would specifically like to thank the more than 1,000 member companies, business associations, and state and local chambers of commerce who worked tirelessly to build support for the agreement in their industries and in their communities. This is the best example of what the American business community can do when fully motivated and I want to thank each one of you personally for your individual efforts. It has been a long road but we now look forward to seeing the fruits of our hard work.

We must now turn our attention to successful implementation of the agreement. As you know, this agreement presents many opportunities for American businesses large and small in the Korean marketplace. We look forward to working with you to ensure that American businesses fully realize their potential in this dynamic market. The U.S. Chamber and the USKBC will soon release a post-KORUS plan regarding opportunities and implementation strategy so please stay tuned.
Following today’s vote in National Assembly, we expect KORUS implementation will take place in early 2012. As we look ahead to these next steps, we hope you will continue to advocate strongly on behalf of the important economic and strategic partnership that exists between our two nations