ADA, Mich., Dec. 3, 2010 /PRNewswire/ -- Amway Corporation welcomes the news from Washington and Seoul that the U.S. Korea (KORUS) Trade Agreement has been finalized and will soon be sent to the U.S. Congress and South Korean National Assembly for approval.
"This agreement with Korea underscores our long-term commitment to free trade and free markets," said Amway Chairman Steve Van Andel, "and will allow Amway to save millions of dollars in one of our most important markets. Phasing out the tariffs allows us to offer distributors and customers more competitive pricing, and further strengthens our business through increased market share."
Said Amway President Doug DeVos, "Like most companies, we support a more competitive playing field. This new trade agreement allows Amway to continue meeting aggressive growth targets, and gives a much needed boost for all export business in Michigan."
With annual sales of $8.4 billion, Ada, Michigan-based Amway is one of the world's largest direct selling businesses and a major exporter of nutrition, skin care and cosmetics, personal care, and home care products manufactured in Michigan and California. Founded in 1959, Amway offers consumer products and business opportunities in more than 80 countries and territories worldwide. For more information, visit www.amway.com.
SOURCE Amway Corporation