HI HCR147

Urges United States Congress to approve the United States-Korea Trade Agreement, which was announced as resolved by President Obama on December 3, 2010.

Eliminates tariffs on over 95 percent of industrial and consumer goods, including agricultural products, within five years and is expected to increase American exports by $10 to $11 billion.

Expected to benefit Hawaii's farmers and ranchers by providing increased market access to the Republic of Korea, which is already the top destination for U.S. agricultural exports.

Provides opportunities for Hawaii-based businesses in energy, environmental services, and information technology sectors through cross-border services, telecommunications, and electronic commerce provisions.

Positions the agreement as the first U.S. free trade agreement with a North Asian partner that could serve as a model for other regional trade agreements and demonstrate U.S. commitment to the Asia-Pacific region.