The long-stalled free trade agreement (FTA) between the US and South Korea is being pushed back into the spotlight by the American Farm Bureau (ABF), which is urging the government to put the deal before a Congress vote.
ABF communiqués to the US Trade Representative called on the government to submit the legislation required to implement the FTA to Congress without delay.
The body is also pushing for similar treatment of the pending US-Colombia FTA.
“These agreements offer great market opportunities for farmers all across our country,” said AFB president Bob Stallman in a statement.
“Swift passage of the trade agreements is vital for the U.S. to expand trade for farm products – from beef to cotton to fruits and vegetables.
“For South Korea, agricultural tariff rates range from just over 1 per cent to nearly 500 per cent, depending on the commodity. Eliminating these tariffs through these free trade pacts would be extremely beneficial to US agriculture.”
The big sticking point for the Korea-US FTA has been access for American beef, which stirred mass protests in South Korea when the deal was being negotiated. Tentative access has since been granted.
Agricultural exports to Korea, including fruit and vegetables, is expected to reach around US$1.8bn annually if the FTA is ratified.
Almost two thirds of US agricultural exports to Korea will become tariff free immediately under the FTA, one of which is cherries.
The AFB said the tariff drops would make the US more competitive with suppliers like Australia, China and Japan.
No comments yet