WASHINGTON, D.C., June 27, 2008 – Business Roundtable today issued the below statement following the Korean government’s announcement that it will lift its long-standing import restrictions on American beef products.

John J. Castellani, president of Business Roundtable:

“The Business Roundtable applauds the final publication today of the U.S. beef import protocol agreed to on April 18. With resolution of this issue, we look forward to working with Congress on passage of the most economically beneficial free trade agreement in 15 years.”

“South Korea was the third largest export market for American beef products before closing its market to the U.S. in late 2003. In 2003, U.S. beef exports totaled $815 million, and it is expected that future exports will significantly exceed this number.”

“Under the free trade agreement with Korea – the tenth largest economy in the world -almost 95 percent of all U.S. trade will be duty free within three years, with all remaining tariffs eliminated in ten years. Other major barriers to U.S. goods, services, and investments in all sectors will also be removed. South Korea is a long standing and strategic partner in a dangerous region of the world. Swift passage of the free trade agreement will enhance our partnership and economic relationship.”