BILL REQ. #:  S-1323.1 

Read first time 02/11/11.   Referred to Committee on Economic Development, Trade & Innovation.

     TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED:
     We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:
     WHEREAS, The United States and the Republic of Korea signed the United States-Korea Free Trade Agreement (KORUS FTA) in June of 2007; and
     WHEREAS, President Obama has committed to passing the KORUS FTA; and
     WHEREAS, The KORUS FTA is still awaiting Congressional approval; and
     WHEREAS, The imposition of artificial barriers to free and open trade are deterrents to American economic interests; and
     WHEREAS, If approved, the KORUS FTA would be the most significant United States Free Trade Agreement in more than sixteen years; and
     WHEREAS, Protectionism is gaining momentum around the world and passing the KORUS FTA at this time would send a strong signal to the United States' trading partners that America's historic commitment to free trade and economic liberalization remains strong; and
     WHEREAS, The Republic of Korea is the 15th largest economy in the world; and
     WHEREAS, The Republic of Korea is the United States' seventh largest export market and is a major customer of goods such as civil aircrafts, electronics and technology, industrial machinery, plastics, chemicals, agricultural products including beef, and services; and
     WHEREAS, An FTA between the United States and the Republic of Korea would make ninety-four percent of all trade between the two countries duty-free within three years and would eliminate most remaining tariffs within the next decade; and
     WHEREAS, Lower tariffs would increase demand for United States' exports in the Republic of Korea; and
     WHEREAS, The KORUS FTA would strengthen our economic and strategic alliance with the Republic of Korea; and
     WHEREAS, The United States deficit is growing and the KORUS FTA will provide a private sector lead stimulus by increasing exports and will contribute to America's economic recovery at no cost to the United States' taxpayers; and
     WHEREAS, That the Republic of Korea has finalized an agreement with the European Union (EU) which is expected to go into effect on July 1, 2011; and
     WHEREAS, The agreement with the EU will put United States' market share and jobs in industrial and agriculture sectors at a significant competitive disadvantage; and
     WHEREAS, This trade agreement will contribute up to twelve billion dollars to the economy; and
     WHEREAS, China's trade with South Korea has been expanding rapidly, necessitating an American response to avoid being left behind;
     NOW, THEREFORE, Your Memorialists respectfully pray that the United States Congress approve the United States-Korean Free Trade Agreement without delay for the benefit of the United States' economy and national security.
     BE IT RESOLVED, That copies of this Memorial be immediately transmitted to the President of the United States Senate, the Speaker of the House of Representatives, each member of Congress from the State of Washington, and the Secretary of the United States Department of Commerce.