AeA Applauds Free Trade Agreement with South Korea
FTA enhances trade opportunities in Korea for US high-tech industry

Washington, DC (April 2, 2007) — Yesterday the US and South Korean governments completed a far-reaching Free Trade Agreement (FTA) that promises to significantly expand market opportunities for the US high-tech industry.  AeA applauds the determined efforts of USTR in reaching an agreement that addresses many of the concerns raised by our member companies at the outset of the negotiations.

“While South Korea is already an important market for US high-tech companies, this FTA will boost high-tech exports by eliminating tariffs on most products, improving access for services, strengthening intellectual property protection, and tackling non-tariff regulatory barriers,” said William T. Archey, President and CEO, AeA.  “USTR has worked closely with industry to ensure this agreement with Korea brings about meaningful new opportunities for our members.”

In 2006, US high-tech exports to South Korea totaled nearly $11 billion making it the sixth largest market for tech exports.  While the final language still needs to be studied, AeA expects the FTA to substantially enhance export opportunities for its member companies moving South Korea even higher on the list of foreign high-tech export markets.

“The FTA will expand the scope of duty free high-tech products beyond those already covered by the Information Technology Agreement,” explained Rob Mulligan, Senior Vice President International, AeA.  “In addition, improved regulatory transparency rules aimed at non-tariff impediments currently facing US companies in Korea should pave the way for improved access to this rapidly growing market for high-tech products.”

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About AeA
AeA, the nation’s largest technology trade association with 2,500 member companies representing all segments of the high-tech industry, is dedicated solely to helping our members’ top line and bottom line. We do this in partnership with our small, medium, and large member companies by lobbying governments at the state, federal, and international levels, providing access to capital and business opportunities, and offering select business services and networking programs. For more information, please visit http://www.aeanet.org.

This page was last updated on 04/02/07.