Although the U.S.-Korea Free Trade Agreement (KORUS FTA) was officially signed on June 30, 2007, it has yet to be approved by Congress. Since then, an FTA with the European Union has been ratified and is expected to go into effect this year, while Canada’s FTA is in its final stages, according to the U.S.-Korea Business Council.

On Aug. 31, the Republic of Korea’s ambassador to the United States, Han Duk-Soo, expressed the importance of expediting the U.S.-Korea trade partnership during a speech in Tacoma. The speech was given during an event hosted by Tacoma-Pierce County Chamber of Commerce, U.S. Chamber of Commerce, World Trade Center Tacoma and the Korean Women’s Association.

As the first free-trade agreement with a major Asian economy, the KORUS FTA will be the largest trade deal since the North American Free Trade Agreement (NAFTA) in 1993.

“Time is not on our side,” warned Ambassador Han.

In fact, as the European Union and Canada move forward with their own agreements, the United States may be placed at a disadvantage - possibly resulting in a loss of more than 345,000 jobs, according to the U.S.-Korea Business Council.

However, in Washington state - the third-largest exporter to Korea in the nation - there is a projected loss of 7,489 jobs and $774 million in goods not exported should the implementation of the KORUS FTA fail.

Peter Ansara, executive director of the Korean Women’s Association, says three major goals will be accomplished with the ratification of KORUS FTA: it will level the playing field for local businesses, create new jobs and strengthen the existing partnership between the two nations.

“The Korean Women’s Association provides jobs and uses capital of more than $19 million annually in direct services, but there is a need to do more,” Ansara said. “We need to support the trade agreement, which will provide jobs and remove barriers to U.S. goods across borders. With the European Union and South Korea agreement soon ratified, we will be at a definite disadvantage [if KORUS FTA is not passed quickly].”

If the U.S. ratifies its FTA with Korea, more than 250,000 jobs will be created by boosting U.S. exports by an estimated $10 billion. The growth of South Korea in recent years will only prove to solidify the bond between nations.

“Fifty years ago, we were one of the poorest nations and, now, we’ve become the world’s 15th largest economy due to the work ethic of our people,” the ambassador said. “I’m here to deliver a very simple message: that this agreement will stimulate economic growth while strengthening the partnership of our nations.”

Although President Obama plans to discuss the KORUS FTA during the G-20 Summit in November in Seoul, he wants several issues addressed prior to the event, according to Ambassador Han.

“There have been several sectoral concerns regarding the automobile and beef industries, which we plan to address in our negotiations before November,” Han stated. “The political situation at the moment is not favorable for passing the FTA quickly, but President Obama has decided that it is time to get this finished. The success of this agreement will not be because of me, but because of the support of the good people here today.”

Contact the writer at

kburrows@tacomaweekly.com.