[CTC] Abe Says Japan Will Join Trade Talks

[Arthur Stamoulis]

FOR IMMEDIATE RELEASE

March 14, 2013

CONTACT: Ed Gilman, 202-225-6306

 

Rep. Michaud Issues Statement on Anniversary of US-Korea Free Trade
Agreement

 

WASHINGTON, DC - Today, Representative Mike Michaud (D-Maine), Chairman
of the House Trade Working Group, issued a statement on tomorrow's
one-year anniversary of the implementation of the U.S.-Korea Free Trade
Agreement. Michaud is currently circulating a bipartisan letter among
his congressional colleagues that will urge President Obama to address
currency manipulation in the Trans-Pacific Partnership agreement.

 

"This anniversary provides an opportunity for Congress and USTR to
assess the impacts of the Korea Free Trade Agreement and apply the
lessons learned to the ongoing Trans-Pacific Partnership negotiations.

 

"I remain concerned the agreement will further the decline of U.S.
manufacturing and will send American jobs overseas. That's why I was
troubled by Ambassador Kirk's request to study the agreement's impact
only on exports from American small- and medium-enterprises. I have
written a letter
<http://michaud.house.gov/sites/michaud.house.gov/files/documents/KORUSI
TCImportsLetter.Feb.27.2013.pdf>  urging USTR to study the agreement's
effect on imports, too. It's critical that we evaluate our trade
agreements comprehensively if we are to improve upon existing policy.

 

"In addition, I remain concerned about Korea's exchange rate,
particularly since our trade deficit with Korea has increased in the
last year. I wrote a letter
<http://michaud.house.gov/sites/michaud.house.gov/files/documents/KoreaC
urrencyLetter.Sept.19.2012.pdf>  to Treasury asking them to provide
specific information about their ongoing efforts to respond to Korea's
undervalued currency, and I have continued to press the Administration
to address misaligned exchange rates among all our trading partners,
including Korea.

 

"As more of this agreement gets implemented and currency manipulation
goes unaddressed, I'm worried that the resulting effects on U.S.
manufacturers and workers will be devastating. USTR and the White House
must study both the benefits and the consequences of the Korea agreement
so we can learn from our mistakes. We need honest accounting, not just
an analysis that backs up preexisting agendas. Most importantly, the
Administration must apply the lessons learned to the Trans-Pacific
Partnership. That means making sure the agreement promotes and expands
U.S. manufacturing here at home and holds our trading partners
accountable for their exchange rates."

 

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