Pritzker Pushes KORUS Benefits for US Healthcare, Energy Companies

The U.S.-South Korean free trade agreement (KORUS) is steadily boosting bilateral trade flows, and while South Korean agriculture and industrial exports to the U.S. continue to climb, many companies view the agreement in a negative light, said Commerce Secretary Penny Pritzker in an Oct. 23 speech before the American Chamber of Commerce in South Korea (here). Pritzker led a delegation of businesses to the country to strengthen U.S. commercial ties, particularly in the healthcare and energy sectors. Despite the recent gains, incomplete KORUS implementation is hampering the ability of companies to take advantage of its benefits, said Pritzker. “We know that we have only scratched the surface of the potential benefits of KORUS,” she said. “And while we acknowledge key challenges in the implementation of the agreement, we know that the Korean government has worked hard, and effectively, to address ongoing issues. Moving forward, further challenges are sure to arise, and we need to address KORUS implementation issues more quickly and more efficiently in the future.” Acting Deputy U.S. Trade Representative Wendy Cutler earlier in 2014 said U.S. trade officials were reaching out to their South Korean counterparts to troubleshoot lingering customs certification issues (see 14031425). The Office of the USTR did not respond for comment .