U.S., South Korea Reach Free Trade Agreement; AMI Applauds News
Friday, December 3, 2010
(American Meat Institute)
A Free Trade Agreement (FTA) between the
has been finalized.
Under the agreement, the current beef market
access to South
remains intact and the tariff reductions will
proceed as outlined in the original
The American Meat Institute (AMI)
immediately applauded the announcement.
“AMI supports the free trade agreement
between the United
announced by President Obama this evening and
urges the Congress to ratify it at its earliest
opportunity,” said AMI President and CEO J.
noted that South
is already a major market for U.S.
meat. Pork exports in 2010 are expected
to exceed $150 million, making South Korea
the fifth largest export market for pork.
The tariff reduction schedule for pork will
further strengthen the U.S.
position in this important and growing
Beef exports continue to grow, from 233
metric tons valued at $612,000 in 2006 to
56,000 metric tons valued at $56 million in
2009. Through the first nine months of
the year, exports to South
are up 136 percent in volume and 181 percent in
value over the same period last year.
AMI estimates that once the FTA is fully
implemented, beef and pork exports to
could increase by $2 billion and resulting in
more than 26,700 new American jobs.
“The growth in U.S.
beef exports in recent years is due to the
successful negotiations of the U.S.
government and widespread Congressional support
from leaders, such as Sen. Baucus (D-MT), for
reopening the South Korean market to beef,
which was closed from 2003 to 2007. AMI
looks forward to working with our negotiators
and Congressional allies to continue
discussions with Korea
to provide full access for all U.S.
beef products,” Boyle said.
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