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The Future of Apec: Hearing Before the Subcommittee on Asia, the Pacific, and the Global Environment of the Committee on Foreign Affairs

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The Future of Apec: Hearing Before the Subcommittee on Asia, the Pacific, and the Global Environment of the Committee on Foreign Affairs

by United States Congressional House, United States Congress House

About this title: Original publisher: Washington: U.S. G.P.O., 2009. LC Number: KF27 .F639 2009i OCLC Number: (OCoLC)497061406 Subject: Free trade -- Pacific Area. Excerpt: ... 11 Korea gets assurances that its favorable U.S. market access will continue. By one estimate, the KORUS FTA would increase trade $ 20 bil-lion - that is from $ 80 billion to $ 100 billion - between our two countries. And still there are few amongst the majority that are calling for this agreement to be ratified; fewer still among the lead-ership. Despite these sentiments in Congress, Asia is changing. China, not the United States, is now South Korea's largest export market. The European Union has completed a free-trade agreement of its own with South Korea. And India recently signed a trade agree-ment with South Korea. And, in these agreements, I think the upshot is the United States loses. And what could be a win-win for the United States in South Korea instead has become a situation where South Korea is beginning to negotiate outside the U.S. market in terms of trade liberalization. And I would hope that during your opening testimony or maybe later in your discussions you could comment on another thought. And that is, it is my understanding there have been over 500 pub-lic comments posted on the USTR Web site regarding the KORUS FTA. And I would just like to ask the witnesses what has been the general nature of these comments, have they largely been in sup-port, and how does your office plan on responding to these com-ments? And lastly, on the subject of China, I would just close with the observation that I think that our own Commerce Department has done an awful lot to lure United States investors into China, where they have subsequently lost their shirts. I can't tell you how many times those of us in southern California have heard about the lack of rule of law in Shanghai and Beijing and the consequences to U.S. investors. And I wish that these cheerleading sessions done by the Commerce Department...

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