PRESS RELEASE For Immediate Release                                                                     ................... ..........Contact: John Goyer February 2, 2006                                                                 ......     .................................. .(202) 289-7460 ext. 22 CSI Sees Opportunity for Substantial Service Sector Liberalization in US-Korea FTA ( Washington, DC) The Coalition of Service Industries (CSI) today applauded the announcement of free trade agreement negotiations between the United States and Korea, and called for the agreement to maintain the high standards that have been set in previous US free trade agreements. " Korea is a very dynamic, large economy with enormous potential for US service suppliers in a host of industries," said Robert Vastine, President of CSI. "A comprehensive free trade agreement will provide an opportunity to address the trade barriers that continue to limit the potential for competitive US service suppliers in the Korean market." US crossborder exports of services to Korea reached $9.1 billion in 2004, up from $6.8 billion in 2001, and the US enjoys a services trade surplus of $4.3 billion with Korea. Sales of services by US affiliates in Korea totaled slightly over $4 billion in 2003, the latest year for which data are available. The services sector is crucial to the US economy, and is an increasingly important component of the US trade picture. Services account for approximately 75% of US GDP, and roughly 80% of private sector employment in the United States. US exports of services last year reached $323 billion, with a $65 billion services trade surplus. Sales of services by the foreign affiliates of US companies abroad, meanwhile, reached $477 billion in 2003, and are a crucial means by which US companies compete in world markets. # # # # PDF Version