MIDLAND, Mich., Dec. 3, 2010 /PRNewswire/ -- Dow Corning chairman and CEO Dr. Stephanie A. Burns applauded today's announcement of a U.S. and South Korean free-trade deal that the Obama administration hopes will increase American exports by billions of dollars annually.
"This is a major milestone in helping the United States regain sustainable economic strength," said Burns, who in July was appointed by President Obama to the President's Export Council, a public/private sector advisory committee that advises the President on international trade strategies. "This agreement demonstrates the Administration's willingness and commitment to opening new markets for American goods, boosting our exports, and levelling the playing field for American workers."
Korea is an important market for the silicones and silicon-based materials produced by Dow Corning. The company's products are used extensively in industries such as automotive, electronics, beauty & personal care, construction, healthcare, paper, power & utility, solar, and textiles.
The Obama Administration has said a free-trade agreement with South Korea would add in excess of $10 billion annually in U.S. exports and create thousands of jobs.
Published reports say the agreement calls for eliminating many tariffs between the two countries, including South Korean levies of 40 percent or more on agricultural goods. This will make it easier for U.S. banks, engineering firms, insurance companies and other service firms to do business in South Korea.
About Dow Corning
Dow Corning (www.dowcorning.com) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company's Dow Corning® and XIAMETER® brands. Dow Corning is equally owned by The Dow Chemical Company and Corning, Incorporated. More than half of Dow Corning's annual sales are outside the United States.
SOURCE Dow Corning