[By NBC-1TV H,. J Yook]SEOUL, October 13, 2011 - The American Chamber of Commerce in Korea applauded the U.S. Congress for its quick action in approving the United States-Korea Free Trade Agreement.

And it urged the Korean National Assembly to swiftly approve the win-win agreement that will increase bilateral trade and create jobs in both countries.

"This is an historic moment that will strengthen the U.S.-Korea alliance by adding a third economic pillar to the already strong relationship," said Pat Gaines, AMCHAM Korea Chairman. "The swift passage by Congress was a vote of confidence in the future of our relationship. This important deal will spur economic growth, create jobs and promote deeper economic, political and strategic cooperation."

"We commend President Obama and President Lee for their leadership in finalizing this historic agreement," said Amy Jackson, President of AMCHAM Korea. "We expect the Korean National Assembly will also recognize the importance of this agreement to the people and businesses of both countries as well as to our alliance and that they will soon ratify the deal. We are looking forward to working with the U.S. and Korean business communities and governments to ensure U.S. and Korean companies - both large and small - enjoy the benefits of this FTA."

The U.S. International Trade Commission (ITC) estimated in 2007 that a KORUS FTA would increase U.S. GDP by at least $10 billion as well as increase U.S. exports to Korea by $10-11 billion annually. The Korea Institute for International Economic Policy (KIEP) predicted in 2011 that the agreement would see Korea's real GDP increase 5.7%, as well as create 350,000 new jobs.

AMCHAM Korea has been a long-standing and vocal supporter of the KORUS FTA and will continue to work to ensure that businesses, workers, and citizens in Korea and the United States fully benefit from this historic agreement.

AMCHAM Korea was founded in 1953, with a broad mandate to encourage the development of investment and trade between Korea and the United States. AMCHAM is the largest foreign chamber in Korea with around 2,000 individual members from almost 1,000 member companies with diverse interests and substantial participation in the Korean economy. www.amchamkorea.org