U.S. Businesses Urge Early Ratification of KORUS FTA

Bloomberg reports that U.S. business leaders in banks, insurance, and pharmaceuticals sent a joint letter to Congress on April 25 to urge the ratification of the KORUS Free Trade Agreement (FTA). The letter says that the KORUS FTA is all about eliminating trade barriers blocking exports to Korea and that the FTA is economically important to both sides and helps to develop a strategic relationship.

The letter was signed by renowned financial figures, including William Rhodes, Senior Vice Chairman of Citigroup Inc., Myron Brilliant, U.S. Chamber Vice President, and Richard Clark, CEO of Merck.

The U.S. economic community expects that bilateral trade will increase as much as 29 billion dollars annually if the FTA takes effect.

sechepa@donga.com