|3:17 PM EDT||
Eni Faleomavaega, D-AS
Mr. FALEOMAVAEGA. Madam Speaker, I would like to certainly compliment and thank our distinguished veterans of the Korean War, now Members, our colleagues here in this institution, for not only sharing with us their experiences, but the fact that this close relationship that we have with the Republic of Korea should never be lessened in any way.
It's been my privilege over the years to have visited the Republic of Korea, visited with their leaders. And the outstanding results of now South Korea becoming one of the great economic powers of Southeast Asia, I might say, is mainly because of our close economic ties. I also want to note the fact that the number one electronic company in the world is in South Korea. Also, the number one shipbuilding company is in South Korea.
I sincerely hope that in the coming months we will be able to continue to negotiate successfully the proposed free trade agreement that was done previously by the previous administration and negotiators. It's my understanding that as a result of this proposed free trade agreement we stand to gain at least somewhere between $11 to $20 billion in exports of our products to South Korea if we get an approval of this proposed agreement.
I also want to note, as a matter of a little history, and complement what my friend from New York has stated about the people and the good leaders of South Korea. My own personal experience while serving in Vietnam, I tell you, you really know who your real friends are. The fact that there were 50,000 South Korean soldiers fighting alongside American soldiers in Vietnam, now that is where you really know who your real friends are. The leaders and the people of South Korea came and joined us in
that terrible conflict that our Nation was confronted with in fighting communism.
It's also my understanding that in the coming months, the President of Korea will be presiding over the G-20 meeting of 20 of the most prominent countries economically, and hopefully there will be better solutions given to the economic demise that not only the world is faced with now, especially the contributions that the 20 countries can offer in solving some of the serious economic problems that we are confronted with today.