For Immediate Release
Contact: (202) 589-2427

Roundtable Supports South Korea Trade Agreement
Clear major hurdle over U.S. beef imports to South Korea.

Washington, D.C. – April 21, 2008 – The Financial Services Roundtable applauds the work of USTR Susan Schwab and her South Korean counterpart to reach agreement to reopen South Korea’s markets to U.S. beef imports. The Roundtable supports the U.S.-South Korea Free Trade Agreement (FTA), and will now look to the Administration and Congress to work together on passing this FTA.

The financial services provisions in the U.S.-South Korea FTA are unprecedented, going beyond provisions in previous FTAs. The U.S. financial services industry will benefit from greater market access and transparency.

South Korea is our seventh largest trading partner and the tenth largest economy in the world this FTA will be beneficial the U.S. economy.

Support for America's open trade policies is crucial to financial services
companies, which are leaders in providing financial services and products
throughout the world. Countries with FTA currently account for over 42% of U.S. exports. Trade with other nations is critical to the continued expansion of America's financial services sector, currently growing at a 5% average annual rate.

The U.S. financial services sector is a significant component of our economy, contributing 8 percent to our nation's gross domestic product and representing 1 in every 19 jobs in our country.

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The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior
executives nominated by the CEO

. Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.