Home / Knowledge / News / Textiles / Portman negotiates for largest tariff free trade pact with South Korea

Portman negotiates for largest tariff free trade pact with South Korea

Feb '06
Rob Portman – US Trade Representative
US Trade Representative Rob Portman announced the Administration's intent to negotiate a free trade agreement (FTA) with Republic of Korea with the goal of removing tariffs and non-tariff barriers and expanding trade between the countries.

Portman made the announcement at the United States Capitol building and was joined by Korea's Minister of Trade Hyun-chong Kim and a bipartisan group of leaders in Congress. The negotiations will begin after the expiration of a 90-day consultation period.
"This is the most commercially significant free trade negotiation we have embarked on in 15 years," said Ambassador Portman. "Korea is the world's 10th largest economy with an annual GDP rapidly approaching $1 trillion and our 7th largest export market.”

“Removing trade and investment barriers between our two nations through an FTA will increase market access for our farmers, ranchers, workers and businesses to the dynamic and growing Korean economy, boosting trade in goods and services."

"Few countries better represent the promise of open markets, democracy and economic reform than Korea," Portman continued. "Our countries have been allies for over a half century, and with this agreement, we can strengthen our alliance, reaffirm our commitment to remain vigorously engaged in Asia, and create new opportunities for prosperity and peace for the people of both our countries."

"I'm very pleased this launch has generated bipartisan enthusiasm," Portmanadded. "USTR will continue its intensive bipartisan consultations with Congress on this and other trade matters."

Interviews View All

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Hannah Lane, Redress

Hannah Lane

Encouragement from brands will motivate supply chains to become more...

Top executives, Textile industry

Top executives
Textile industry

In 10 years' time, everything will have the responsible factor integrated

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Paolo Toricella,

Paolo Toricella

Electronics for Imaging (EFI) is a global technology company, based in...

Pierre Wiertz, EDANA

Pierre Wiertz

EDANA, the international association serving the nonwovens and related...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

December 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search