THE SENATE

S.R. NO.

25

TWENTY-FOURTH LEGISLATURE, 2008

S.D. 1

STATE OF HAWAII

 

 

 

 

 

SENATE RESOLUTION

 

 

URGING THE UNITED STATES CONGRESS TO SUPPORT THE KOREA-UNITED STATES FREE TRADE AGREEMENT.

 

 


     WHEREAS, the Republic of Korea is the seventh largest trading partner of the United States and the sixth largest market for agricultural goods; and

 

     WHEREAS, investment between the United States and the Republic of Korea has been increasing, with the amount of investment in the United States from the Republic of Korea reaching $16.7 billion and the amount of American investment in from the Republic of Korea reaching $36 billion in 2006; and

 

     WHEREAS, in 2006, bilateral trade between the Republic of Korea and the United States reached nearly $80 billion; and

 

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

 

     WHEREAS, the KORUS FTA will ultimately eliminate tariff and non-tariff barriers, create better jobs, enrich consumer choice, boost industry, and enhance the overall welfare for both nations; and

 

     WHEREAS, the KORUS FTA will immediately eliminate tariffs on almost two-thirds of United States agricultural exports, worth over $1.9 billion; and

 

     WHEREAS, the KORUS FTA will liberalize the Republic of Korean service market to United States businesses and strengthen the overall transparency in key sectors, including financial services, telecommunications, entertainment, legal services, and express delivery; and

 

     WHEREAS, the KORUS FTA provides state-of-the-art protection of intellectual property rights, a comprehensive set of strengthened protection measures for trademarks, copyrighted works, and patents, as well as provides for the rigorous enforcement of provisions aimed at combating piracy and counterfeiting; and

 

     WHEREAS, the KORUS FTA will provide greater American access to the Republic of Korea's automobile market by the elimination of its eight per cent automotive tariff, the revamping of its engine displacement system, special treatment for American automobiles on emission standards, and the expediting of the dispute settlement process with a "snap-back" mechanism; and

 

     WHEREAS, the Republic of Korea is Hawaii's sixth largest export market for goods, with nearly $1.2 billion in bilateral trade between the Republic of Korea and the United States having passed through the port of Honolulu in 2006; and

 

     WHEREAS, for more than half a century, the Republic of Korea and the United States have developed and maintained a dynamic and comprehensive alliance and partnership, with shared commitments to democracy, a market economy, and human rights; and

 

     WHEREAS, nearly two million Americans of Korean heritage and descent live in the United States and are successfully engaged in numerous businesses and enterprises that would directly benefit from the KORUS FTA; and

 

     WHEREAS, in 2008, the Republic of Korea is expected to join the United States Visa Waiver Program and with the Republic of Korea's inclusion, it is estimated that the number of travelers to the United States from the Republic of Korea will double to a minimum of nearly two million visitors a year, raising their stature to the third largest tourism revenue generating country for the United States; and

 

     WHEREAS, the Republic of Korea is one of the staunchest and most reliable allies of the United States, having deployed the third largest coalition contingent to Iraq and committing $460 million to post-war reconstruction efforts; and

 

     WHEREAS, the KORUS FTA will not only boost the bilateral economic and trade relationship between the United States and the Republic of Korea, but it will also further strengthen their alliance and allow the Republic of Korea and the United States to deal effectively with the new opportunities and challenges of the twenty-first century; now, therefore,

 

     BE IT RESOLVED by the Senate of the Twenty-Fourth Legislature of the State of Hawaii, Regular Session of 2008, that this body hereby urges the United States Congress to support the Korea-United States Free Trade Agreement; and

 

     BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Majority Leader of the United States Senate, the Speaker of the United States House of Representatives, Hawaii's Congressional Delegation, and the Consulate General of the Republic of Korea.

Report Title: 

Korea-United States Free Trade Agreement