April 30, 2007
News Release 07-049
Inv. No. TA-2104-24
Contact: Peg O'Laughlin, 202-205-1819
ITC BEGINS ASSESSMENT OF U.S.-KOREA FTA
The U.S. International Trade Commission (ITC) has instituted an investigation to assess the likely impact of a comprehensive bilateral free trade agreement (FTA) that the President has proposed to establish with Korea.
The investigation, U.S.-Korea Free Trade Agreement: Potential Economy-wide and Selected Sectoral Effects, was requested by the U.S. Trade Representative in a letter received on April 1, 2007.
The Trade Act of 2002 requires the ITC to prepare a report that assesses the likely impact of proposed free trade agreements on the U.S. economy as a whole and on specific industry sectors and the interests of U.S. consumers. The ITC's report, which will be public, is due to the President and the Congress no more than 90 days after the President actually signs the agreement, which he can do 90 days after he notifies the Congress of his intent to do so. The President notified the Congress on April 1, 2007, of his intent to enter into the FTA with Korea.
The ITC will hold a public hearing in connection with the investigation on June 7, 2007. Requests to appear at the hearing (one original and 14 copies) should be filed no later than 5:15 p.m. on May 24, 2007, with the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. For further information, call 202-205-2000.
The ITC also welcomes written submissions for the record. Written submissions (one original and 14 copies) should be addressed to the Secretary of the Commission at the above address and should be submitted at the earliest practical date but no later than 5:15 p.m. on June 21, 2007. All written submissions, except for confidential business information, will be available for public inspection.
Further information on the scope of the investigation and the procedures for written submissions is available in the ITC's notice of investigation, dated April 30, 2007, which can be obtained from the ITC Internet site (www.usitc.gov) or by contacting the Office of the Secretary at the above address or at 202-205-2000.