Caterpillar Inc. said recently that it is pleased that the United States and South Korea have agreed to eliminate most trade barriers between the two countries.
“We congratulate President Obama and President Lee Myung-bak on this historic accomplishment and wish to recognize U.S. trade representative Ron Kirk and Korea trade minister Kim Jong Hoon for their professionalism and determination in making this trade agreement a reality,” said Doug Oberhelman, Caterpillar chairman and CEO.
Caterpillar has long advocated for free trade citing the opening of foreign markets as key to increasing exports and promoting economic growth.
“Previous trade agreements have proven to be a powerful engine of growth for exporters like Caterpillar,” Oberhelman added. “Following the passage of the Australia and Chile free trade agreements, Caterpillar U.S. exports to these countries doubled and tripled, respectively. We are encouraged by the progress announced today, but now ask Congress to act with a sense of urgency to enact the Korea free trade agreement, along with the Colombia and Panama free trade agreements. Together, these agreements represent a real opportunity to increase exports, stimulate economic growth and generate U.S. jobs.”