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US-South Korea free trade agreement reached; applauded by UPS and FedEx

6-Dec-2010 8:43 AM

US and South Korea reached (03-Dec-2010) an agreement on a new bilateral free trade agreement. The agreement contains important provisions for the express delivery industry, including enhanced market access and improved customs clearance times and resolved issues regarding trade in beef and automobiles that posed obstacles to final ratification. US President Barack Obama said the trade accord is a "win-win for both our countries", which have almost USD68 billion in trade. South Korea President Lee Myung Bak similarly stated the agreement will "bring huge economic benefit to both countries". The agreement is the US' largest since a North American Free Trade Agreement in 1994 (Bloomberg, 05-Dec-2010). UPS and FedEx separately applauded (03-Dec-2010) the agreement.  [more - UPS] [more - FedEx] [more - White House] [more - US Government 'Statements of Support] [more - US Government addition statements of Support

UPS: "South Korea has the 14th largest economy in the world and the increase in trade that will come from this agreement means more jobs, more global competitiveness and an anchor for US economic engagement in Asia. South Korea is our seventh largest trading partner and we need to protect and expand that relationship. I'm also hopeful now that we can turn immediately to completion of other pending trade agreements," Scott Davis, Chairman and CEO and a member of the President's Export Council. Source: UPS Statement, 03-Dec-2010.