News Release from the U.S. Chamber of Commerce

Release Date: Feb 21, 2012Contact: 888-249-NEWS

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U.S. Chamber Applauds Announcement of U.S.-Korea Trade Agreement Implementation

WASHINGTON D.C.—The U.S. Chamber of Commerce applauded the administration and the U.S. Trade Representative today for their announcement that the U.S.-Korea Free Trade Agreement (KORUS) will enter into force on March 15, 2012.  The landmark trade agreement that would support more than 70,000 export-related jobs was ratified last October through a bipartisan vote in Congress.

“The U.S. business community commends our negotiators for staying the course on implementing a groundbreaking trade deal with South Korea that will create American jobs and boost American competitiveness,” said Thomas J. Donohue, president and CEO of the U.S. Chamber. “We will now be able to play on a level playing field in South Korea’s dynamic market and start creating tens of thousands of new jobs here at home.”

Upon entry into force, tariffs will be eliminated on nearly 80% of U.S. exports of industrial products and nearly two-thirds of U.S. exports of agricultural products to South Korea.  It will also break down non-tariff barriers and strengthen transparency and intellectual property protections in South Korea so that American companies can compete fairly in the South Korean market.

“It is now up to the business community, including the hundreds of thousands of small and medium sized enterprises that make up the backbone of the U.S. economy, to take full advantage of this agreement to grow American exports,” Donohue said. “This agreement is the foundation for moving bipartisan, job-creating policies forward, and we urge the administration to build on the positive momentum of the South Korea trade agreement to continue opening up markets abroad.”

The Chamber is continuing to advocate for implementation of the trade agreements with Colombia and Panama on a commercially sound basis as soon as possible.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

Energy Department Spurs Small Modular Nuclear Reactors

News release from the U.S. Dept. of Energy:

Energy Department Takes First Step to Spur U.S. Manufacturing of Small Modular Nuclear Reactors

January 20, 2012 

Washington, D.C. – The U.S. Department of Energy today announced the first step toward manufacturing small modular nuclear reactors (SMRs) in the United States, demonstrating the Administration’s commitment to advancing U.S. manufacturing leadership in low-carbon, next generation energy technologies and restarting the nation’s nuclear industry.  Through the draft Funding Opportunity Announcement announced today, the Department will establish cost-shared agreements with private industry to support the design and licensing of SMRs.

“America’s choice is clear - we can either develop the next generation of clean energy technologies, which will help create thousands of new jobs and export opportunities here in America, or we can wait for other countries to take the lead,” said Energy Secretary Steven Chu. “The funding opportunity announced today is a significant step forward in designing, manufacturing, and exporting U.S. small modular reactors, advancing our competitive edge in the global clean energy race.”

Small modular reactors, approximately one-third the size of current nuclear plants, have compact designs that are expected to offer a host of safety, siting, construction and economic benefits. Specifically, they could be made in factories and transported to sites where they would be ready to “plug and play” upon arrival, reducing both capital costs and construction times. The small size also makes SMRs ideal for small electric grids and for locations that cannot support large reactors, providing utilities with the flexibility to scale production as demand changes.

The draft Funding Opportunity Announcement (FOA) announced today solicits input from industry in advance of a full FOA, which will support first-of-a-kind engineering, design certification and licensing through a cost-shared partnership. The full FOA will fund up to two SMR designs with the goal of deploying these reactors by 2022.

Today’s announcement comes on the heels of the Nuclear Regulatory Commission’s certification of Westinghouse Electric’s AP1000 nuclear reactor design, which was supported through a cost-shared agreement with the Energy Department. The Department’s efforts, in coordination with the NRC and private industry, have helped American companies lead the way in obtaining certification and licensing approvals for new reactor designs, which will further streamline these processes for future investments in the U.S. nuclear industry.

For more information on SMRs, please visit the Office of Nuclear Energy website.