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    Korea
     May 24, 2006
Korean, US business leaders support FTA

WASHINGTON - South Korean and US business leaders on Monday threw their support behind a free trade agreement (FTA) between their countries ahead of the start of formal negotiations next month.

In a joint statement, the Korea International Trade Association (KITA) and the US National Association of Manufacturers (NAM) said the agreement should be a comprehensive one that removes barriers to trade and investment.

Over 50 business representatives were attending the FTA session between the two organizations.

"It is especially important that our two countries demonstrate tangible progress and provide leadership on international trade



liberalization as we have reached a critical phase in the Doha Round of World Trade Organization negotiations, which we strongly support," the statement said.

Seoul and Washington announced the launch of FTA talks in February and will hold their first round of negotiations next month.

The two sides hope to wrap up the talks by end of the year and send it to US Congress before the trade promotion authority expires in the summer. The authority requires Congress to vote up or down without amendments.

"We acknowledge that the challenges are great," the statement said, referring to the tight timeframe.

"We believe that a Korea-US free trade agreement presents an unparalleled opportunity to achieve these important benefits and (we) will work with our governments to reach a successful outcome," it said.

(Asia Pulse/Yonhap)

 

 
 



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