UPS applauds new effort to finalize Korea Trade deal
28-Jun-2010 UPS (NYSE:UPS) today applauded the Obama administration for its move to re-engage with the government of South Korea to overcome remaining obstacles and finalize a bilateral free trade agreement.
The administration announced over the weekend that it had made new progress on the free trade pact and that it had agreed with Seoul to finalize outstanding issues by November. The President is attempting to end a three-year impasse on a trade agreement reached with Korea in 2007 as another step in his initiative to double American exports over the next five years.
"South Korea has the 14th largest economy in the world and the increase in trade that will come from this agreement means more jobs and more global competitiveness for the two countries," said Scott Davis, chairman and CEO of UPS. "South Korea is our seventh largest trading partner and we need to protect and expand that relationship."
UPS has supported the negotiation of a U.S. - South Korea Free Trade Agreement from the start and currently serves as a co-chair of a business coalition that is urging U.S. action. More than a quarter of U.S. exports to South Korea come from small- and medium-sized businesses.
The U.S.-South Korea Free Trade Agreement contains vital provisions for the express delivery industry, including enhanced market access and improved customs clearance times that allow companies such as UPS to better serve their customers.