USA and South Korea reach Free Trade Agreemen...

USA and South Korea reach Free Trade Agreement

C. A Free Trade Agreement (FTA) between the United States and South Korea has been finalised. Under the agreement, the current beef market access to South Korea remains intact and the tariff reductions will proceed as outlined in the original agreement.

The American Meat Institute (AMI) as well as other meat industry groups such as The National Cattlemen’s Beef Association or the U.S Meat Export Federation applauded the announcement.

AMI supported the free trade agreement between the United States and South Korea announced by President Obama and urges the Congress to ratify it at its earliest opportunity,”said AMI President and CEO J. Patrick Boyle.

Boyle noted that South Korea 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 market.

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 Korea 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 South Korea could increase by $2 billion and resulting in more than 26,700 new American jobs.
Source: AMI - American Meat Institute