American Farm Bureau Federation President Bob Stallman issued a statement Wednesday regarding the South Korea Free Trade Agreement.
"The American Farm Bureau Federation board of directors voted today to support the U.S.-Korea Trade Promotion Agreement with the stipulations that Korea fully complies with World Organization for Animal Health controlled-risk guidelines and that U.S. beef trade with Korea resumes," he says.
The U.S. and South Korean administrations signed a free trade agreement before President Bush's Trade Promotion Authority expired, and Congress will review the agreement and give it an up or down vote.
"U.S. agriculture has much to gain from the Korea TPA with an estimated $1.6 billion in increased farm exports by full implementation of the agreement in 2027. The Korea TPA will benefit the agriculture industry as a whole, including major grain, oilseed, fiber, fruit and vegetable and livestock sectors.
"The Korea FTA allows the U.S. to become a competitive supplier of agricultural products to South Korea by providing duty-free and reduced tariff access. This will allow the U.S. to better compete with South Korea's other trading partners that are currently supplying a large percent of the South Korean food and fiber market."