U.S and South Korea conclude trade deal
Chris Schlect, Northwest Horticultural Council
Here is what the Administration is saying so far...
The KORUS-FTA represents the United States’ most commercially significant FTA in over a decade. The Republic of Korea is the world’s tenth largest economy, with a GDP of nearly $1 trillion.
Historically, Korea has been one of the most protected agricultural markets in the world. The KORUS FTA will create highly valuable new export opportunities for American farmers and ranchers by eliminating and phasing out tariffs and quotas on a broad range of products. Under the agreement, over $1 billion worth of U.S. farm exports to Korea will become duty-free immediately. Most remaining tariffs and quotas will be phased out over the first ten years the agreement is in force.
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TK: Farm Bureau has already issued a statement by AFBF president Bob Stallman stating that group's support for the deal depends on "commercially viable trade for U.S. beef based on World Organization for Animal Health (OIE) guidelines."
Chris Schlect of the Northwest Horticultural Council said today a general briefing about the pact will be held later today, but specifics are probably a few days away.
Labels: Chris Schlect, FDA, Northwest Horticultural Council