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AMI Registers Disappointment About Failure to Resolve Outstanding Issues in Korean Free Trade Agreement, Institute Expresses Concerns Over Potential Missed Opportunities for U.S. Industry

Friday, November 12, 2010
 

 

            The American Meat Institute (AMI) today commended U.S. negotiators for their efforts and expressed disappointment that U.S. and Korean negotiators have failed to resolve issues that have stalled Congressional approval of the U.S.-Korean Free Trade Agreement

 

            According to AMI, it is essential to pass the agreement so that tariff reduction schedules can begin.  Korea applies a tariff of 40 percent to U.S. beef products, 18 to 27 percent on U.S. offal, 25 percent for frozen pork, 22.5 percent for fresh/chilled pork, 20 percent for chicken and 18 percent for turkey. 

 

            U.S. beef exports to Korea through August this year are up 175 percent over the same period last year.  “This is a very encouraging trend. Consumer response to U.S. beef has been positive and we look forward to continuing to strengthen these relationships.  While pork exports are down so far this year, the long term outlook is extremely positive,” said AMI President J. Patrick Boyle.  “A reduction in tariffs will make our products even more affordable and accessible for Korean consumers.”

 

            “If we do not pass this agreement soon, our export opportunities may be at risk to competitors like Australia, who are actively negotiating agreements with Korea as we speak,” Boyle said.

 

            According to a 2010 AMI analysis of pending free trade agreements, passage and implementation of the U.S. Korea Free Trade Agreement could generate an additional $2.3 billion in exports and create 29,524 jobs.

 

            “These potential gains cannot be realized until our governments resolve outstanding issues and pass these agreements,” Boyle said.

 

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