Washington, December 03, 2010 - UPS (NYSE:UPS) today applauded the Obama administration for reaching agreement on a new bilateral free trade agreement with South Korea.
The administration announced resolution of issues regarding trade in beef and automobiles that posed obstacles to final ratification. President Obama has been working to end a three-year impasse on the trade agreement, viewing it as an important step in his administration's 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, more global competitiveness and an anchor for U.S. economic engagement in Asia," said Scott Davis, UPS's chairman and CEO and a member of the President's Export Council. "South Korea is our seventh largest trading partner and we need to protect and expand that relationship. I'm also hopeful now that we can turn immediately to completion of other pending trade agreements."
The U.S.-South Korea Free Trade Agreement contains important 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. UPS, as the world's largest package delivery company, has long been committed to breaking down barriers and encouraging the economic growth and jobs that come with increased trade.