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- Pirrotta 7/25/11
- International Trade Administration ’11
- PR Newswire ’10
Turns Case- AerospaceSKFTA key to U.S. aerospace industry Sen. Jerry Moran ’11 (Wall Street Journal, “It's Time to Move Ahead on Trade”, http://online.wsj.com/article/SB10001424052748703899704576204934282818792.html) Accessed 7/26/11 Each day that passes we risk losing even more, but if these trade agreements are ratified the effect would be immediate. For example in Colombia, tariffs on U.S. wheat and soybeans would drop to zero instantly, while corn would be phased to zero over time. Likewise, if the U.S.-Korea free trade agreement is ratified, U.S. exports of aerospace equipment will become duty free. Korea is the ninth largest market for U.S. aerospace exports, so this would have a significant impact on Kansas's largest industry—aviation—whose exports have decreased 28% since 2008. We cannot afford to sit on the sidelines while our competitors move forward. It is time for President Obama to get behind these trade agreements so Congress can pass them, open more markets and create the jobs America desperately needs. SKFTA beneficial to U.S. aerospace industry Pirrotta 7/25/11 (Paul, Hartford Business Journal, “Say 'yes' to free trade but 'no' to tax holiday”, http://www.hartfordbusiness.com/news19600.html?Type=search) Accessed 7/26/11 On the horizon, however, loom two very large international trade and taxation issues which will impact Connecticut companies and jobs: approval of several trade agreements and a tentative proposal to offer a tax holidays to companies which repatriate foreign earnings. I would urge our congressional delegation to support the agreements but to oppose the tax holiday. Soon Congress will be asked to ratify trade agreements with Colombia, Panama and South Korea. These agreements have been reached after several years of negotiations and represent the effort of several administrations. No one disputes that these agreements will benefit our exporters by opening markets heretofore closed thus resulting in thousands of much needed jobs. For Connecticut, the free trade agreement with Korea is estimated to generate 1,200 with the aerospace industry being the main beneficiary. KORUS provides opportunities for multiple aerospace companies International Trade Administration ’11 (“The U.S.-Korea Trade Agreement: Opportunities for the U.S. Aerospace Sector”, http://www.infinityair.com/about/events/images/trade.pdf) Accessed 7/26/11 Examples of Specific Companies in the Aerospace Sector that will Benefit from KORUS Aero Precision Industries (California): Aero Precision Industries (Livermore, CA) is a worldwide stocking distributor of military and commercial aftermarket Original Equipment Manufacturers (OEM) parts for the aerospace industry. Aero Precision was founded in 1993 and employs over 100 people. South Korea is an important market for the company’s products, accounting for 20 percent of annual sales. Aero Precision has been exporting to South Korea for over ten years. In 2000, Aero Precision exported $500 thousand in products to South Korea and today exports $15 million. Some of Aero Precision’s exports, such as parts of aircraft navigational instruments, face tariffs of up to eight percent (this tariff will be eliminated when the trade agreement enters into force). Although the company does not directly bear the increased cost from the tariff, it competes against European exporters of that product, and a zero tariff rate will help Aero Precision to be more competitive relative to these European exporters. According to Mr. Ertugrul Turhal, Vice President of Technical Sales & Business Development, who supports the U.S.-Korea Trade Agreement, “the tariff savings from the agreement would enable us to provide more affordable solutions to our Korean customers and provide us with a competitive advantage over our foreign competitors”. Air Tractor (Texas): Air Tractor (Olney, TX) is a leading designer and manufacturer of agricultural aircraft and aerial firefighting tanker aircraft. The company was founded in 1972 by Leland Snow and employs 223 people. Air Tractor began doing business in Korea fifteen years ago and has sold aircraft to Hyundai Group and Korea Business Air Services. Although exports to Korea make up a small part of its business, Air Tractor’s success relies on exporting: in 2010, the company exported 56 percent of its aircraft to fourteen different countries. Air Tractor strongly supports the U.S.-Korea Trade Agreement and believes that lower tariffs on U.S. agricultural products will produce a favorable climate for sales of the company’s agricultural aircraft. The trade agreement would immediately eliminate or phase out tariffs and quotas on a broad range of agricultural products, with almost two-thirds (by value) of Korea’s agriculture imports from the United States becoming duty free upon entry into force. According to David Ickert, Air Tractor’s Vice President of Finance, “over half our employees owe their jobs to Air Tractor’s ability to export, and the KORUS Agreement provides an advantage to Air Tractor relative to our foreign competitors and expands the size of our potential market in Korea”. Infinity Air (California): Infinity Air, Inc. is a manufacturer and distributor of new and overhauled aircraft parts for the commercial aerospace industry. Founded in 1997, Infinity Air has 112 employees and is headquartered in Los Angeles, CA, with additional U.S. offices in Seattle and Miami. Infinity Air has been doing business in Korea for over thirteen years and the country is its largest export market, with over $10 million in annual sales. Its main exports to Korea are flight service controls, interior equipment and cockpit windows for customers such as Korean Air and Asiana Airlines. Korean aerospace tariffs currently average 3.5 percent but will be eliminated within three years of the agreement’s implementation. Infinity Air President and CEO Jimmy Wu strongly supports passage of the KORUS Trade Agreement and believes the agreement provides a great opportunity for the company to increase its exports to Korea. KORUS provides improved market access that will enhance the competitiveness of Infinity Air’s products relative to its European competitors and allow the company to grow its presence in the Korean market. SKFTA supports outer space exploration PR Newswire ’10 (“AGI Supports Passage Of U.S.-Korea Free Trade Agreement”, http://www.thestreet.com/story/10938548/1/agi-supports-passage-of-us-korea-free-trade-agreement.html) Accessed 7/26/11 EXTON, Pa., Dec. 3, 2010 /PRNewswire/ -- Analytical Graphics, Inc. (AGI) today welcomed the progress that U.S. and Korean negotiators have made in advancing the U.S.-Korea Free Trade Agreement (KORUS FTA) and supported the President's efforts to quickly gain Congressional ratification. AGI is the producer of software applications and development kits for integrated analysis of space, defense and intelligence systems. "This trade agreement will spotlight U.S. products and encourage the acceptance of American technology, which is good for our country, our company and our Korean allies," says AGI CEO Paul Graziani. "Our hope is that our commercial software products will help Korea ramp up quickly in the global space race and allow them to interoperate with the broader international space community." Founded in 1989, AGI has been exporting since the mid- to late-1990s, but only recently began emphasizing exports as a part of its strategic plan. Today, AGI has grown to 12 foreign markets. A small-to-mid-size business, AGI works closely with the U.S. Department of Commerce's Export Assistance Center, building an expanding network of software reseller partners, including KCEI Co., Ltd. based in Seoul, Korea. This trade agreement will allow AGI to bring even more value to the Korean space sector. 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