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Meng Introduces Legislation to Cut Red Tape and Improve Trade with South Korea

May 22, 2014
U.S. Rep. Grace Meng (D-NY) announced today that she has introduced legislation to cut red tape and improve trade with South Korea.
The measure, entitled the Korea Security Partnership Act, would increase commerce and security cooperation with South Korea by adding the country to the list of nations that receive license exemptions for encryption goods, software and technology. If enacted into law, U.S. companies would have an easier time exporting these types of high-technology items to South Korea since they would no longer be required to secure transaction–specific licenses to ship them.
"This legislation would be a tremendous boost towards further strengthening the outstanding security and commercial partnership that exists between the United States and South Korea," said Meng. "It would enable our two countries to mutually benefit from key technology advances, enhance trade and improve our shared security needs including the critical need for cyber protection. South Korea is one of America's most important strategic allies, and it's long past time for the country to be added to the list of high-tech license exceptions. I urge Congress to pass this important measure so that our growing partnership with South Korea can continue to advance and thrive."
Meng noted that the legislation would finally put South Korea on par with other leading U.S. allies and trading partners – such as European and other East Asian nations – most of which are already included on the license exemption list for high-tech products. The Congresswoman also noted that bill would also help create American jobs by opening up East Asian markets to U.S. technology firms.
The list, formally known as the ENC Favorable Treatment Countries list, is administered by the U.S. Department of Commerce.
Encryption cuts across many technologies – it safeguards military systems, secures IP delivery and installation, advances scientific research, and protects and expedites business/consumer systems applications and operations.
Meng's measure has been referred to the House Foreign Affairs Committee, of which the Congresswoman is a member.