Visit highlights importance of National Export Initiative and pending Korea Free Trade Agreement
Pipe Line Development Co. executives hosted Commerce Department Deputy Assistant Secretary for Manufacturing Peter Perez for a factory tour and discussion about the National Export Initiative and the benefits of the pending Korea Trade Agreement. The initiative aims to double exports by the end of 2014 to support several million U.S. jobs.
The company, which has supplied pipeline repair fittings to gas and oil companies in Korea, currently faces tariffs of up to 8% on exports to the country. These tariffs would be eliminated immediately once the agreement goes into effect.
The agreement will help facilitate small- and medium-sized exports by eliminating tariffs, reducing non-tariff barriers, expanding Korea’s service markets, creating strong transparency obligations, promoting strong protection of intellectual property rights and improving customs administration.
Small- and medium-sized exporters accounted for 60% or more of all companies exporting to Korea in every goods sector in 2008. They accounted for at least $11.2 billion of total goods exports to Korea in 14 sectors.