14 DAY TRIAL // Microsoft’s Chief Executive Officer Steve Ballmer applauded the latest milestone of a delayed free trade agreement between the United States and South Korea. The two countries managed to reach a deal on revisions this weekend to the draft dating back to 2007, which thus far has failed to come into effect.
The agreement is designed to strengthen the economic ties between Washington and Seoul, a move which Microsoft welcomes, with Ballmer releasing a message expressing the continuation of support from the Redmond company for the deal.
“Congratulations to President Obama and President Lee of South Korea on their final agreement to the U.S. – Korea Free Trade Agreement (FTA),” Ballmer said.
“Microsoft has been a steadfast supporter of this precedent-setting agreement with South Korea, the United States’ 7th largest trading partner.
According to estimates the U.S.-Korea trade agreement is expected to boost US exports by over $10 billion, as taxes would be dropped on the vast majority of both industrial and consumer goods representing over 95% of exports.
“Today’s news signals that trade agreements will be an important part of a renewed U.S. strategy to create jobs, eliminate trade barriers and strengthen global economic ties,” Microsoft’s CEO added.
“This agreement contains trade rules that will boost the competitiveness of U.S. technology companies and promote economic growth and job creation in the United States.
However, there’s still one last hurdle that the agreement must pass if the US and Korea can actually start benefiting from it.
Inked initially in 2007, the deal still has to be ratified by Congress, otherwise it will remain in limbo, just as it has over the course of the past three years.
“Microsoft welcomes completion of the KORUS FTA and looks forward to its expeditious ratification and implementation by the United States and Korea.”