The Securities Industry and Financial Markets Association (SIFMA) has applauded the free trade agreement reached between the U.S. and South Korea. If ratified, the agreement will be the largest trade agreement for the U.S. since the 1994 North American Free Trade Agreement, and one of the significant bilateral trade pacts for the US securities industry.
“The US-Korea trade agreement underscores the United States’ commitment to furthering economic growth and opportunity by reducing the barriers that deter competition and investment,” said Marc Lackritz, CEO of SIFMA. “Trade agreements such as this are an economic win-win – fueling local industries and economies as well as presenting new opportunities for investors.”
U.S. Trade Representative Rob Portman announced on 2 February the administration’s intent to negotiate a free trade agreement with the Republic of Korea with the goal of removing tariffs and non-tariff barriers and expanding trade between the countries.
“This is the most commercially significant free trade negotiation we have embarked on in 15 years,” Portman said. “Korea is the world’s 10th largest economy with an annual GDP rapidly approaching $1 trillion and our 7th largest export market. Removing trade and investment barriers between our two nations through an FTA will increase market access for our farmers, ranchers, workers and businesses to the dynamic and growing Korean economy, boosting trade in goods and services.”