Commerce secretary touts U.S.-South Korea trade

Commerce secretary touts U.S.-South Korea trade    U.S. Commerce Secretary Gary Locke is leading a bipartisan congressional delegation in South Korea this week to show the benefits of the pending U.S.-South Korea free trade agreement for American companies.
   'For the United States, implementation of the agreement will help create a level playing field for U.S. businesses and workers, and help increase exports,' Locke explained in a luncheon speech to the American Chamber of Commerce, on Thursday. 'For South Korea, this is an opportunity to secure preferential access to the U.S. market, lock in this access, and provide its companies with an edge over global competitors.'

Locke

   Earlier in the day, Locke and the congressional delegation visited Pantech, one of South Korea's largest mobile phone makers, to see firsthand how the U.S.-South Korea FTA would help American and South Korean businesses and workers in today's global manufacturing and supply chain.
   Pantech imports about $500 million of U.S. products annually, including chipsets from Qualcomm (San Diego, Calif.) and Gorilla Glass from Corning Inc. (Corning, N.Y.). Gorilla Glass is manufactured in Harrodsburg, Ky. and is exported around the world for use in smart phones, tablets and other mobile devices and has applications across a large range of industries. In addition, nearly 60 percent of Pantech's production equipment is made by U.S. companies.
   With the implementation of the U.S.-South Korea agreement, Pantech is expected to quadruple its purchase of U.S. products by 2015, while Corning will see existing tariffs on Gorilla Glass eliminated immediately upon implementation of the agreement. Corning is also investing $180 million to expand its factory in Harrodsburg to meet the growing demands of its customers in Asia, including South Korea.
   Earlier in the day, Locke met with his South Korean counterpart, Minister of Knowledge Economy Choi Joong-Kyung, to discuss the U.S.-South Korea FTA and the cooperative relationship between the Commerce Department and the ministry.
   On Friday, Locke and the delegation will visit the Demilitarized Zone — the border between South Korea and North Korea, and meet with leaders of South Korea's Democratic Party and Grand National Party, as well as the National Assembly Committee on Unification, Foreign Affairs and Trade.
   The congressional delegation comprises four House members: Reps. Charles Rangel, D-N.Y.; Jim McDermott, D-Wash.; Joseph Crowley, D-N.Y.; and David Reichert, R-Wash.
   The Commerce Department noted the U.S.-South Korea Trade Agreement is the United States' most commercially significant trade agreement in more than 16 years. According to U.S. International Trade Commission estimates, the reduction of South Korean tariffs and tariff-rate quotas under the agreement on goods alone would add $10 billion to $11 billion to annual U.S. gross domestic product.