Passage of a U.S.-South Korea free- trade agreement could generate 6,247 jobs in Colorado and boost exports from the state, supporters said Wednesday.
The Republic of Korea’s ambassador to the U.S., Han Duk-Soo, lobbied for U.S. passage of the pact in remarks to the Metro Denver Economic Development Corp.
The free-trade agreement, commonly referred to by the acronym KORUS, is expected to be sent shortly to Congress for ratification.
“The benefit is abundantly clear,” Duk-Soo said. “The (agreement) will level the playing field for U.S. businesses. Colorado will certainly share in that growth.”
Agricultural interests in particular said the agreement could be beneficial. South Korea currently imposes a 40 percent tariff on beef imported from the U.S. The tariff would be phased out over a 15-year period.
“Not only would this be good for U.S. exporters, it will be much better for Korean consumers,” said Philip Seng, president and chief executive of the Denver-based U.S. Meat Export Federation.
Elimination of South Korean tariffs on U.S. wheat likely would increase exports from Colorado producers, who shipped 1.5 million bushels worth $8 million last year to South Korea, said Dan Anderson, president of the Colorado Wheat Administrative Committee.
Free-trade agreements typically receive support from most Republicans and opposition from some but not all Democrats. Labor unions also frequently oppose them, fearing a loss of jobs because of cheaper imports.
Yet the Obama administration supports the deal as a generator of U.S. jobs.
The United Auto Workers initially opposed the agreement but switched to support after terms were renegotiated, giving U.S. automakers better access to the South Korean market.
The nation’s largest labor organization, the AFL-CIO, is opposed.
Mike Cerbo, executive director of the AFL-CIO in Colorado, said the agreement would result in job losses in the U.S. because of increased imports of South Korean goods.
“This is a net loser for the U.S. It’ll be a net loss of jobs,” he said.
U.S. Sen. Mark Udall, a Colorado Democrat, spoke along with Duk-Soo at the Denver event and said he is “inclined” to support the agreement.
Free-trade agreements with Colombia and Panama also are expected to be submitted soon for congressional ratification.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
