(James Alt – Financial Executives)
Despite the fact that the Republic of Korea is considered a trusted U.S. ally, an existing trade agreement has fallen short and U.S. exporters are suffering as a result, according to participants at a recent congressional hearing.
On Tues., July 30, the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness held a hearing on the U.S.-Korea Free Trade Agreement (KORUS). The purpose of the hearing was to reflect upon the last two years, identify problems with KORUS, and determine how to utilize this information in future discussions on free trade.
The hearing was headed by Chairwoman Debbie Stabenow (D-MI) whose opening statement focused on how the U.S. needs to compete on a level playing field, but that issues beyond our exporters’ control are hampering their ability to thrive in offshore markets. Read more here.