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BIO Encourages Swift Enactment of Korea-U.S. Free Trade Agreement

BIO welcomed the transmission of the Korea-U.S. Free Trade Agreement (KORUS FTA) by President Obama to the Congress earlier this week.

Washington, D.C. (October 5, 2011) – The Biotechnology Industry Organization (BIO) welcomed the transmission of the Korea-U.S. Free Trade Agreement (KORUS FTA) by President Obama to the Congress earlier this week. 

“America’s biotechnology industry benefits from trade agreements such as the KORUS FTA, which contains strong intellectual property provisions and sections which level the playing field in Korea for American companies that are developing new treatments and cures for disease as well as other innovative biotechnology products,”  stated Joseph Damond, Senior Vice President for International Affairs at BIO. 

“The U.S. biotechnology industry is one of our most dynamic and globally competitive sectors but can face obstacles in foreign markets.  Agreements such as the KORUS FTA help to eliminate those obstacles and allow the industry to remain competitive globally,” Damond continued.   “We support prompt consideration and enactment of this agreement by Congress followed by rapid implementation of its provisions by Korea so that our companies can expand access to innovative therapies and other biotech products abroad while increasing the number of high-wage, high-skill jobs in the U.S.”