Meeting to Help Urge Congress to Support the South Korea Trade Agreement
Dallas, TX -
MiTek Communications Group President and CEO, Loyd Ivey, and the Consumer Electronics Association (CEA)® President and CEO, Gary Shapiro, joined with Jong Hyun Choi, Minister of Economic Affairs in the Embassy of Korea, to express confidence that the two countries can resolve differences on their free trade pact, and urge its passage after the Group of 20 summit in November. This announcement was made after Minister Choi toured Dallas Fort Worth (DFW) airport where IED and Atlas Sound, subsidiaries of MiTek, have supplied audio and visual equipment manufactured in Kentucky and Texas. Incheon airport, in South Korea, is also equipped with an IED Announcement Control System with Atlas products.
"Ours is just one example of an American company creating US jobs and growing the American economy with our ability to export to South Korea," said Ivey. "However, our opportunities are not fully realized, and we still remain at a disadvantage in the Korean marketplace due to tariffs and non-tariff barriers that have not been addressed because this trade agreement has yet to pass."
"The consumer electronics industry is highly competitive and globally integrated. Two-thirds of CEA members conduct some sort of international business primarily in Asia, Europe and Latin America. And the industry is growing," said Shapiro. "We must make every attempt to reduce foreign trade barriers and promote an aggressive trade policy agenda. Because of market opportunities created by free and open trade, our members will be able to continue to create high-paying U.S. jobs and positively contribute to the U.S. economy."
If approved, the KORUS FTA would render 95 percent of US-Republic of Korea bilateral trade in consumer and industrial products duty-free within three years. The trade pact between South Korea and the United States was signed in April 2007, but its ratification by Congress has been put on hold due to objections over automotive and beef trading issues, putting other sectors of the US economy at a disadvantage.