News & Events
Following the contentious debt-ceiling vote, the U.S. Congress left town for its August recess without finalizing action on stalled free trade agreements (FTA) with South Korea, Panama and Colombia, but Floyd Gaibler, U.S. Grains Council director of trade policy, is hopeful all three will be approved some time in September.
The U.S. Grains Council was encouraged by the announcement this week of the Senate Finance Committee’s intention to schedule a mock up hearing on the Korea, Colombia and Panama Free Trade Agreements. However, procedural disagreements on inclusion of reauthorization of the Trade Adjustment Assistance resulted in postponement of that markup hearing. Hopefully, these disagreements can be resolved in a timely manner and move toward the critical step of ratification and implementation of these important trade initiatives.
U.S. grain farmer checkoff investments in international market development, combined with USDA Foreign Market Development (FMD) and Market Access Program (MAP) funds, have helped grow U.S. distillers dried grains with soluble (DDGS) exports to South Korea by almost 500,000 metric tons. As a result of this promotion, U.S. DDGS has a bright future in this country.
The U.S. Grains Council commends the Administration’s move forward on technical discussions with Congress on the Colombia Trade Promotion Agreement draft implementing bill and draft Statement of Administrative Action. Today’s announcement will establish a pathway for formal consideration of all three pending trade agreements, including South Korea and Panama.
“The U.S. Grains Council cannot overstate the importance of these agreements as Colombia, Panama and South Korea are a strategic markets with exceptional growth potential for U.S. feed grains and
The U.S. Grains Council is encouraged with the Administration’s recent announcements that a free trade agreement (FTA) has been reached with Panama and that they established a pathway to resolve remaining issues with Colombia. These developments will clear the way for ratification of both trade deals in the near future.
U.S. exports to Korea may be slightly affected by a recent bout of foot-and-mouth disease (FMD), but not to the point of great concern, the U.S. Grains Council said.
On Nov. 29, 2010, an outbreak of FMD was first detected in the Republic of Korea and has since spread throughout the country. With more than 100 confirmed cases, this outbreak marks the country’s worst battle with the disease since 2002, which resulted in the slaughtering of 160,000 head of livestock.
In response to growing concerns about food security, Korea recently announced the creation of a national grain procurement system. The newly created consortium is comprised of five major parties, including...
Korea Agro-Fisheries Trade Corporation, a government-invested entity and a key player of the consortium; CJ CheilJedang Corporation, a feed miller and food manufacturer; Samsung C&T Corporation, a general trading company; STX, an export elevator investor; and Hanjin Shipping.
After more than three years at the negotiation table, the United States and South Korea reached an agreement in bi-lateral free trade talks. The U.S.-Korea Free Trade Agreement represents an ocean of opportunity for both parties involved.
WASHINGTON, D.C., December 6, 2010 – “The U.S. Grains Council congratulates the U.S. Administration on achieving a historical and precedent-setting agreement with Korea, the most expansive U.S. trade deal since the North American Free Trade Agreement. The U.S.-Korea Free Trade Agreement provides significant benefits for U.S. agricultural trade and the U.S. economy. It will immediately open new opportunities for significant increases in U.S. agricultural exports, which will generate income and jobs here at home.
What type of impact would a potential Korea-U.S. free trade agreement have on U.S. agriculture?
According to the U.S. Department of Agriculture, a Korea-US (KORUS) free trade agreement would provide American agriculture with improved access to Korea’s $1 trillion economy and 49 million consumers. In 2009, Korea was the third-largest market for US corn. As a result of a free trade agreement, most U.S. agricultural products would become duty-free.