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The U.S.-Korea Trade Agreement

01/06/2011 - 2:11pm

President Obama recently announced the conclusion of a trade agreement between the United States and Korea that will create jobs and grow American businesses and the American economy. The agreement will increase American exports by $10 to $11 billion just by cutting tariffs for American goods and services, creating tens of thousands of well-paying American jobs.

It’s an agreement that supports service providers, workers, farmers, ranchers, and manufacturers like K&N Engineering.

K&N Engineering, a family-owned business in Riverside, California, produces reusable air filters for cars and motorcycles. K&N, which opened its doors over forty years ago, employes over 400 workers and sells its products to consumers and businesses in over 80 countries around the world. K&N’s Made in America exports account for almost a quarter of their overall sales – helping this small business prosper during the economic recovery.

Always on the lookout for new business opportunities and company growth, K&N heavily relies on international trade for success.

The U.S.-Korea trade agreement is exactly what this business needs to grow and hire new workers, says Kevin Floody, K&N Engineering’s International Business Manager. “The [free trade agreement] with South Korea will only stimulate more exports, which in turn will generate more production and this equals more jobs.”

This agreement would eliminate tariffs on over 95 percent of industrial and consumer goods within five years of implementation, allowing businesses across America the opportunity to expand sales in South Korea and grow.

The agreement also supports the National Export Initiative, promotes future integration of the two economies, and enhances competitiveness of American businesses in the global market.

The U.S.-Korea trade agreement will require congressional approval before implementation. Keep checking back at USTR.gov for more information on the agreement and its benefits.