As U.S. Stalls on Trade Agreements, EU Expands Exports to South Korea
Monday, July 18, 2011
As the Wall Street Journal noted today, the recent implementation of the South Korea-EU trade agreement is having an immediate and positive impact on both countries. In the days following implementation of the agreement:
1. EU exports to South Korea increased by 16 percent
2. South Korea's exports to the EU increased 17.4 percent
So, while Washington waits to act on the long-pending, job-creating trade agreements with South Korea, Panama and Colombia, our foreign competitors are rapidly moving to increase market share. The longer Washington waits to act on these trade agreements, the more market share and jobs we are losing to other countries.