Good morning, fellow Koreans,

I just returned home late last night following a state visit to the United States last week at the invitation of President Obama and the First Lady.

During the visit, I realized how our national prestige has been upgraded.

I am grateful to our people once again.

The many Korean residents I met in the United States said their hearts were filled with pride because they could truly feel the exalted standing of the Republic of Korea. 

In the evening the day before the first official event, President Obama invited me to dinner at a Korean restaurant. There, we had a chance to exchange many stories in a candid manner.

In the middle of dinner, President Obama informed me that the U.S. Congress had ratified the KORUS FTA, and he proposed a toast.  My heart was flooded with mixed emotions.

Didn’t we Koreans have a really tough time in the aftermath of the Korean War?

When I was growing up, my mother and sisters even had to cut their hair and sell it to wig makers. 

Our country, however, has now grown to the extent that it manufactures such state-of-the-art products as cars and semiconductors, thereby being able to conclude a free trade agreement with the United States on an equal footing.

Korea now ranks as the seventh largest exporter in the world with its trade poised to break the US$1 trillion mark this year. 

Products of Korean businesses can be found almost everywhere, even in remote areas across the world.

Korea has been reborn as a trading nation over the course of one generation and pulled off astonishing economic growth.

Had it not been for the country’s trade with the world, our per capita income would not have been able to surpass even US$10,000.

The path we need to take is absolutely clear. With a lack of natural resources and a limited domestic market, we cannot sustain growth without exporting.

This is why free trade agreements are important for Korea.

In the old days, countries expanded their territories through wars and the use of force. In the 21st century, however, we ushered in an era when we need to expand economic territories through free trade agreements and in that way achieve prosperity.

With the KORUS FTA, Korea will become the only country in the world that has free trade agreements with all three of the world’s largest economic blocs—the United States, 27-member EU and 10-member ASEAN.

Besides these, Korea has also concluded free trade agreements with India, which has a population of 11 billion, and countries in South America.

Even though our land is small and even though it is divided into the South and North, it can be said that approximately 61 percent of the world has become our economic territory in terms of the GDP.

Once a reclusive nation that was located on the periphery of the world, Korea has, in just a century, emerged as one of the leading global trading nations.

In the face of recurring global economic crises, our country’s exports are making great advances on the basis of the expanded economic territory, thereby leading economic recovery.

In this way, Korea is now creating new growth engines through trade.

In this respect, the KORUS FTA could deliver a very positive message to the whole world, going beyond Korea and the United States. 

The direct impact of the KORUS FTA on the Korean economy will also be very positive.

First and foremost, the trade pact will make it possible for our country to get the upper hand in advancing into US markets, which account for a quarter of the world GDP.

Findings of the joint research done by ten domestic research institutions showed that if the KORUS FTA comes into force, the real GDP of Korea would increase by 5.7 percent within a decade and about 350,000 new jobs would be created. 

About 73 percent of small and medium-sized enterprises expect that they would benefit from an increase of exports to the United States. 

People will be able to purchase various quality goods more cheaply. 

Young Koreans will have more opportunities to go out into a wider world. 

However, there are some people who are voicing concerns over the KORUS FTA.

In the initial stages, labor unions and the Congress in the United States vehemently opposed the KORUS FTA.

From a comprehensive perspective, however, the KORUS FTA will undoubtedly create more job opportunities and make significant contributions to the prosperity of both nations in the years to come. 

As part of efforts to deal with any possible damage stemming from the conclusion of the KORUS FTA, the Government secured finances totaling 22 trillion won and has been disbursing it since 2008.

On top of this, the Government is now greatly increasing investments in the modernization of facilities to sharpen the competitive edge of agriculture, fisheries and livestock industries. 

The Government has already come up with measures to provide active assistance to deal with situations where prices plummet below a certain level due to the increase in imports, and where it becomes increasingly difficult to continue farming and raising livestock. Businesses suffering from a decrease in sales and output will be able to get loans and receive consulting assistance.

By collecting an extensive range of opinions and actively exchanging ideas with the National Assembly, the Government will continue to consider additional countermeasures. 

This time the U.S. Congress ratified the FTA with unprecedented speed.

I think it reflects the great anticipation that the Korea-U.S. relations will be further strengthened through economic cooperation. The U.S. Congress seems to have readily decided to cooperate in the midst of the global economic crisis.

I hope the ruling and opposition parties in the Korean National Assembly will also work together and ratify the FTA expeditiously as well.

Fellow citizens,

Through the KORUS FTA, the bilateral alliance is ushering in a new chapter.

It encompasses economic affairs in addition to the existing political and security relations. The relationship will evolve into a multi-faceted, comprehensive alliance.

In the summit, President Obama and I agreed to work hard to bring about peace and common prosperity in this age of the Pacific using the Korea-U.S. alliance as a viable engine.

Going beyond the Korean Peninsula, the alliance is developing on a global scale with the two countries agonizing over and coping with issues facing the whole world. The summit also delved into the possibility of the two countries participating in the reconstruction of Libya together.

The task will provide Korean businesses new opportunities.

Our two countries also reaffirmed once more that we, along with nations of the world, are ready to help North Korea if it discards nuclear programs completely and joins the international community as a responsible member.

The summit decided to solidify the ROK-U.S. security stance as a means of thoroughly deterring the North’s provocations and threats.

My fellow Koreans,
 

During the visit, I became the first Korean President in 13 years to have an opportunity to address a joint session of the U.S. Congress.

When I talked about how our parents skipped meals and sacrificed to educate their children, the members of the Congress gave me enthusiastic applause. Then I became overwhelmed myself.

Yes, the Korean people have never knuckled under in adversity, but persevered moving forward for a brighter future.

The U.S. Congress’ standing ovation represents a gracious tribute to all Koreans, to the generation of our parents.

At the state dinner, President Obama said that, to him, Korea means “Yes, We Can.”
He gave the highest evaluation of the capabilities and potential of the Korean people.

I am truly proud of the people of the Republic of Korea.

I am fully convinced that Korea will continue to evolve into a leading advanced country standing tall in the 21st century.

Finally, as the weather turns colder, I hope you will take a good care of yourselves.

Thank you very much.