HOUSE OF REPRESENTATIVES

H.C.R. NO.

90

TWENTY-FOURTH LEGISLATURE, 2008

 

STATE OF HAWAII

 

 

 

 

 

HOUSE CONCURRENT

RESOLUTION

 

 

urging the united states congress to support the korea-United states Free trade agreement.

 

 

 


     WHEREAS, Korea is the seventh largest trading partner of the United States and the sixth largest market for agricultural goods, with bilateral trade between Korea and the United States reaching nearly $80,000,000,000 in 2006; and

 

     WHEREAS, investment between Korea and the United States has also been increasing, with the Korean stock investment in the United States at $16,700,000,000 and United States stock investment in Korea at $36,000,000,000 in 2006; and

 

     WHEREAS, Korea is Hawaii's sixth largest export market for goods, with nearly $1,200,000,000 in two-way trade between Korea and the United States having passed through the port of Honolulu in 2006; and

 

     WHEREAS, the Korea-United States Free Trade Agreement represents the largest and most commercially significant free trade agreement ever signed by the United States in over a decade and since the ratification of the North American Free Trade Agreement; and

 

     WHEREAS, the Korea-United States Free Trade Agreement will immediately eliminate tariffs on almost two-thirds of agricultural exports from the United States worth over $1,900,000,000 and ultimately eliminate tariff and non-tariff barriers, create better jobs, enrich consumer choice, boost industry, and enhance overall welfare for both Korea and the United States; and

 

     WHEREAS, the Korea-United States Free Trade Agreement will strengthen overall transparency in key sectors such as financial services, telecommunications, entertainment, legal services, and express delivery, while providing state-of-the-art protection of intellectual property rights, a comprehensive set of strengthened protection measures for trademarks, copyrighted work, and patents and the rigorous enforcement of provisions aimed at combating piracy and counterfeiting; and

 

     WHEREAS, the Korea-United States Free Trade Agreement will also provide greater access to the Korean auto market by the elimination of South Korea's eight per cent automotive tariffs; the revamping of its engine displacement taxation system, the special treatment of American automobiles on emission standards, and the expediting of the dispute settlement process; and

 

     WHEREAS, the nearly two million Americans of Korean heritage and descent who live in the United States, including forty thousand Hawaii residents, will directly benefit from the Korea-United States Free Trade Agreement; and

 

     WHEREAS, the Korea-United States Free Trade Agreement will not only boost bilateral economic and trade relationships, but will also further strengthen a partnership to effectively deal with the new challenges and opportunities of the twenty-first century; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-fourth Legislature of the State of Hawaii, Regular Session of 2008, the Senate concurring, that the United States Congress is urged to support the Korea-United States Free Trade Agreement; and

 

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the President Pro Tempore, Majority Leader, and Minority Leaders of the United States Senate; the Speaker, Majority Leader and Minority Leader of the United States House of Representatives; and each member of Hawaii's delegation to Congress.

 

 

 

 

OFFERED BY:

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Report Title: 

Korea-United States Free Trade Agreement