Smith Calls On Obama To Support Korea Trade Agreement

Press Release

Congressman Adrian Smith (R-NE) has sent a letter to President Barack Obama, urging him to bring the U.S.-South Korea Free Trade Agreement before Congress for consideration. The bipartisan letter, signed by 44 Republicans and 44 Democrats, comes as President Obama prepares to travel to East Asia later this week, stopping in Japan, China, Singapore and South Korea. While in Korea, the President is scheduled to meet with Republic of Korea President Lee Myung-bak.

Smith, a member of the House Agriculture Committee, traveled to South Korea last year to discuss trade issues with government officials. South Korea signed a trade deal with the European Union in October.

"South Korea is the world's 14th largest economy and is already our seventh largest trading partner. This is the most economically beneficial trade agreement the United States has negotiated in fifteen years. The U.S. International Trade Commission projects the implementation of this agreement would increase U.S. gross domestic product by $10 to $12 billion.

"I sincerely hope President Obama will use what he learns from his meetings to press for this needed trade agreement," Smith said.

U.S. agriculture exports continue to be one of the bright spots for our country's economy. Every dollar in agricultural exports generates $1.65 in economic activities such as transportation, financing, warehousing and production. Nebraska's $4 billion in agricultural exports translates into $6.7 billion in additional economic activity.

Apart from agriculture, Nebraska's export shipments of merchandise in 2008 totaled $5.4 billion, up 134 percent from $2.3 billion in 2004. This was the sixth-largest percentage change among the 50 states over the same period.

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