Dong-A Ilbo, Korea

Businessmen Want Free Trade Agreement

11 February 2006

by Sang-Soo Kim

Korean business leaders issued a joint statement in support of a Korea-U.S. Free Trade Agreement (FTA) yesterday.

Chairmen Kang Shin-ho of the Federation of Korean Industries, Sohn Kyung-shik of the Korea Chamber of Commerce and Industry, Lee Soo-young of the Korea Employers Federation, Kim Jae-chul of the Korea International Trade Association (KITA), and Kim Yong-gu of the Korea Federation of Small and Medium Business issued the statement at the Chosun Hotel in Sogong-dong, Jung-gu, Seoul. The five chairmen stated that “Korea and the U.S. should agree on an FTA, which can determine the future of the nation. The government and the people should thoroughly prepare for the FTA to maximize the national interest.”

They added, “A bilateral trade agreement will bolster the competitiveness of our products in the U.S. market and will serve as an opportunity to strengthen domestic industries. The business sector will spare no effort for a successful FTA.”

On the issue of the screen quota, they said, “It is true that the screen quota system contributed a lot to the development of the film industry, but for long-term national interests, those working in the movie industry and the public should have a forward-looking attitude on this issue.”

Chairman Kim of the KITA who delivered the statement said, “The U.S. has the biggest market in the world. We should go out to the ocean to catch bigger fish. The FTA will greatly help Korea’s economy.”