The U.S. Trade Representative announces the 2006 National Trade Estimate report on Foreign Trade Barriers with Major Trading partners
In accordance with the Omnibus Trade and Competitiveness Act of 1988, the report is based on the views of the business community and others and has been submitted annually at the end of March.
This year's report covered 62 major U.S. trading partners and surveyed their major pending issues of trade and investment-related barriers such as protection of intellectual property rights with China, E.U.'s subsidizing airbus commercial business and Japan's suspension of beef imports.
The 2006 NTE took issue with 10 areas covering 25 pages on Korea (10 areas, 37 pages in 2005), criticizing Korea more strongly in this year's report, while stating that it observed some progress through close consultations between the two countries.
The NTE stated that the USTR notified the launching of the Korea-U.S. FTA to congress in February 2006 and anticipated that the conclusion of the FTA with Korea will expand trade in product and services, contribute to employment and economic growth, and strengthen cooperation between the two countries.
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