(May 31, 2011) A resolution that aims to promote trade and produce jobs in California is expected to be considered June 13 by the Senate Business, Professions and Economic Development Committee.
SJR 4 (Harman; R-Huntington Beach), supported by the California Chamber of Commerce, asks Congress to approve the U.S.-South Korea Free Trade Agreement (FTA), which would lower tariffs and increase trade between the two countries.
The resolution points out that the FTA has the potential to create 70,000 new jobs in the United States, while failure to enact the agreement would lead to the loss of more than 350,000 jobs due to bilateral trade agreements that Canada and the European Union have enacted with Korea.
Korea is the fifth largest export market for California goods, bringing $8 billion in trade per year into the state’s economy.
California’s exports of nearly $2billion in computer and electronic products will become more competitive and affordable with the immediate removal of related tariffs.
In addition, according to the U.S. Food and Agriculture Department, Korean duties on major California agricultural products—such as almonds, pistachios, frozen orange juice, wine and raisins—will be eliminated immediately.
California companies will receive strengthened protections in Korea for intellectual property, including software, music, film, videos and text.
CalChamber Position
The CalChamber, in keeping with longstanding policy, enthusiastically supports free trade worldwide, expansion of international trade and investment, fair and equitable market access for California products abroad and elimination of disincentives that impede the international competitiveness of California business.
New multilateral, sectoral and regional trade agreements ensure that the United States may continue to gain access to world markets, resulting in an improved economy and additional employment of Americans.
More information is available at www.calchamber.com/korea.
Action Needed
SJR 4 will be heard in the Senate Business, Professions and Economic Development Committee on June 13. Contact your senator and urge them to support SJR 4.
Staff Contact: Susanne Stirling