Posts filed under ‘Korea’

Toyota to ship U.S.-built Camry sedans to South Korea

Toyota today announced it will export about 6,000 U.S.-assembled Camry sedans annually to its distributor in South Korea.

The Camry sedans will be built at Toyota’s manufacturing plant in Georgetown, Ky., and exported out of the Port of Hueneme, near Oxnard, Calif., beginning in January 2012.

Read More

CNET Reviews: The Car Tech Blog, Dec 6, 2011

December 8, 2011 at 9:56 am

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
(more…)

November 23, 2011 at 9:44 am

Northern Kentucky Chamber Applauds Approval of Free Trade Agreements

FT. MITCHELL, Thursday, October 13, 2011 – The Northern Kentucky Chamber of Commerce welcomes the approval by the House and Senate of the U.S. Free Trade Agreements (FTAs) with Colombia, Panama and South Korea. This concerted effort will ensure that the United States continues to gain access to world markets and because Northern Kentucky represents twenty-five percent of Kentucky’s foreign trade, the newly approved FTAs have the potential to positively impact local commerce and employment.

“We are pleased to witness a bipartisan support for trade by Congress,” states Daniele Longo, VP Business Growth, Healthcare Solutions and International Affairs at the Northern Kentucky Chamber of Commerce. “These agreements will open new strategic markets for more exports from Kentucky and the Greater Cincinnati region, supporting jobs and generating tax revenues for our communities.”

The Northern Kentucky Chamber of Commerce and a broad-based coalition of supporters have been urging congressional consideration of these agreements for several years. The U.S. International Trade Commission reports that these agreements could increase U.S. exports by at least $13 billion and U.S. GDP by at least $10 billion. The USITC estimates that these agreements are expected to create a total of 250,000 new American jobs.

“We applaud the efforts of the Greater Northern Kentucky and Cincinnati regional congressional delegation for their support of the FTA’s,” said Brent Cooper, Chair of the Northern Kentucky Chamber’s Board. “Their support is much appreciated by local businesses and will further enhance our region’s ability to compete in the global marketplace.”

“This Chamber has always been proactive in educating and helping its members and communities on the advantages the new global economy brings,” said Steve Stevens, President of the Northern Kentucky Chamber of Commerce. “As a matter of fact, last year we hosted ten foreign delegations including the Ambassadors and trade officers of Panama and South Korea and we hope that our efforts to build relationships with these dignitaries will strengthen potential trade opportunities for our region in the near future.”

October 14, 2011 at 8:18 am

Senate approves GSP bill

The U.S. Senate Thursday voted 70-27 to renew the Generalized System of Preferences and Trade Adjustment Assistance programs that had expired within the past year.

The trade package now heads to the House for final approval and opens the door for trade agreements with Colombia, Panama and Korea to be considered.

Read more

American Shipper Sept. 23, 2011

September 27, 2011 at 11:50 am

Korean Ambassador Crisscrosses the Nation to Convince Americans They Would Benefit From Pact

LONG BEACH, Calif.-Han Duk-Soo, the South Korean ambassador to the U.S., gripped the handrail of a tour boat jammed with business leaders in the harbor here one recent morning, fighting the flu and trying not to lose his breakfast.

The port tour was just the beginning of Mr. Han’s 16-hour day on the free-trade campaign trail, trying to convince Americans that a pending trade agreement with South Korea is a good deal for both sides. Mr. Han and a team of other officials from Washington and Seoul have taken their pitch to berry growers and racehorse breeders, immigrant merchants and … Read more.

E. Williamson, Wallstreet Journal, JULY 6, 2011

 

July 18, 2011 at 7:00 am

U.S., Korea seek to link trusted traveler programs

Mutual recognition isn’t only for cargo security.
   On Tuesday, U.S. Customs and Border Protection Commissioner Alan Bersin and Dong-hyeon Seok, commissioner of the Korea Immigration Service, signed an agreement in Washington to harmonize their trusted traveler initiatives and eventually offer reciprocal benefits to members of each program.
   Two governments are able to mutually recognize their programs when each is satisfied the counterpart’s security procedures for vetting participants in an expedited supply chain or traveler program, and overall inspection regimes, are compatible with its own.
   CBP has mutual recognition agreements in the cargo arena through its Customs-Trade Partnership Against Terrorism and similar programs with New Zealand, Canada, Japan, Jordan and Korea, although work is still underway on information sharing and other steps to fully implement the exchange of reciprocal benefits. C-TPAT is a voluntary program that offers the possibility of fewer cargo exams and some other preferential treatment at ports to companies that adopt approved security plans that meet or exceed minimum security standards. Under mutual recognition, CBP can extend those benefits to companies exporting to the United States that have been validated by a foreign customs service instead of its own personnel.  Read more.

E Kulisch, American Shipper, 4/27/2011

May 10, 2011 at 7:00 am

Coalition Praises Breakthrough on KORUS

WASHINGTON, D.C. – The U.S.-Korea FTA Business Coalition praised the announcement today that the U.S. and Korean governments have come to an agreement on resolving outstanding issues related to the U.S.-Korea Free Trade Agreement (FTA).

“The Coalition commends President Obama and President Lee for their bold leadership in successfully overcoming the challenges that have held up consideration and enactment of the KORUS FTA,” said Laura Lane, managing director and head of international government affairs for Citigroup and a co-chair of the Coalition. “It is a huge step forward towards generating jobs needed across America by boosting exports to one of our country’s most important overseas markets. We applaud the U.S. and Korean negotiating teams for their tireless efforts to find the way forward.”

“Sixty years after the Korean War, this agreement is a powerful reinforcement of the U.S.-Korea relationship,” said Tami Overby, president of the U.S.-Korea Business Council and vice president, Asia, U.S. Chamber of Commerce. “It will strengthen our countries’ efforts to promote regional security and lead regional economic integration.”

“We have no time to lose so that U.S. workers, farmers, and businesses can capture the benefits of new access to the Korean market before our other global competitors do,” said Ted Austell, vice president of executive, legislative and regulatory Affairs for Boeing and a co-chair of the Coalition. “The members of the Coalition will make every effort to secure the strongest possible support for the agreement in Congress.”

The U.S.-Korea FTA Business Coalition is a broad-based organization of more than 900 U.S. businesses and trade associations, co-chaired by Boeing, Chevron, Citi, Goldman Sachs, and Pfizer, that work together to secure approval by Congress of the U.S.-Korea FTA. The U.S.-Korea Business Council serves as Coalition secretariat.

For more information, please visit http://www.uskoreafta.org

December 6, 2010 at 10:00 am

A tentative free trade deal for S. Korea and E.U.

HONG KONG: South Korea and the European Union on Tuesday reached a tentative agreement to scrap tariffs on goods traded between them, a deal that, if ratified, would send a strong signal on free trade at a time of rising protectionist tendencies.

The Europe-South Korea deal would eliminate most tariffs within five years, facilitating bilateral trade that totaled nearly $100 billion in 2008 (B. Wassener, Herald Tribune, March 24, 2009).

Read Article

March 25, 2009 at 11:51 am

EU, South Korea move closer to free trade deal

While the U.S. – Korea Free Trade Agreement is still waiting for approval, the European Union gets closer to its second largest partner, Korea (China being the first). Read the article written by K. Olsen, AP Business Writer and the commentary posted on the “Korea Times”.

S. Korean Trade Minister Reiterates No FTA Renegotiation The Korea Times Monday, January 19, 2009

EU, South Korea move closer to free trade dealK. Olsen, AP Business Writer, Yahoo.com

January 27, 2009 at 7:15 pm

IN KOREA, BIG BUSINESS FOR U.S. SMALL COMPANIES

The removal of Korean trade and regulatory barriers under the U.S.-Korea free trade agreement (FTA) will create huge new opportunities for thousands of small and medium sized U.S. enterprises (SMEs) whose success and growth depend on open and fair foreign markets.

As new U.S. trade data shows, Korea is a rapidly growing market for U.S. SMEs*:

In 2005, 89 percent of U.S. companies exporting to Korea were SMEs, including over 16,850 U.S. SMEs from every U.S. state. U.S. SME exports to Korea, over $8.2 billion that year, were one-third of total U.S. exports with Korea. U.S. SME exports to all countries were 29 percent of total U.S. exports.

Six hundred and twenty-one more U.S. SMEs exported to Korea in 2005 than in 2004. This growth was the second-largest among the United States’ top ten trading partners. Also, U.S. SME exports to Korea grew by over $500 million from 2004 to 2005.

On average, a U.S. SME exports some $500,000 in products to Korea. This revenue creates jobs and stimulates economic activity in communities all across the United States.

March 3, 2008 at 8:17 pm


Travel with the Northern Kentucky Chamber in 2012

Peru - August 12-20, 2012
To learn more about the program, please email Kyle Horseman or call 859.426.3653.

RSS Northern Kentucky Chamber – Calendar

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