Ron Paul (R-TX) and Walter Jones (R-NC) wrote a letter to their colleagues urging opposition to KORUS, President Obama’s NAFTA-Style Korea Free Trade deal (PDF).
Senator Sherrod Brown, Rep. Mike Michaud and Rep. Linda Sanchez are also part of the transpartisan opposition to the bill. The Economic Policy Institute estimates that KORUS will cause 159,000 jobs to be shipped overseas.
Oppose the South Korea Free Trade Agreement
Free trade theorists such as Adam Smith and David Ricardo must be rolling in their graves to see pacts like President Obama’s Korea Agreement called “free trade.” Like the World Trade Organization (WTO) and the North American Free Trade Agreement (NAFTA), the pact, written by unelected trade bureaucrats, spans 1,000 pages.
It includes endless pages of rules and regulations enforced by foreign tribunals. This act is a sneaky form of international preemption, undermining the critical checks and balances and freedoms established by the U.S. Constitution’s reservation of many rights to the people or state governments.
And, President Obama’s Korea Agreement sets up foreign tribunals to which the United States mst submit for judgment. Foreign investors are allowed to skirt the U.S. court system to directly ue the U.S. government for trade pact violations before UN and World Bank tribunals. Those provisions enable demands by such forms for compensation in U.S. taxpayer funds for violations of the special foreign investor privileges the pact provides. There are nearly 80 Korean firms with more than 200 establishments set up in this country now that would acquire these new rights to raid our Treasury using foreign tribunals.
We urge you to oppose President Obama’s Korea Agreement.