Paul Casper, a soybean farmer from Lake Preston, S.D., and president of the South Dakota Soybean Association (SDSA), recently testified before the U.S. Senate International Trade, Customs, and Global Competitiveness Subcommittee
Some highlights of his testimony include:
Asia Pacific potential. "The rapidly growing markets in the Asia Pacific region, led by China, are key drivers of U.S. soybean demand. In fact, six of the top ten foreign markets for U.S. soybeans are in the Asia Pacific region. We strongly encourage the U.S. Government to aggressively pursue market-opening initiatives throughout the Asia-Pacific region, and we strongly support the inclusion of Japan in the Trans Pacific Partnership negotiations,"
Korean Free Trade Agreement success: "Nearly two-thirds of U.S. agricultural exports to Korea are now duty-free, including U.S. soybeans for crushing and U.S. soybean meal. Implementation of the agreement will also trigger the gradual elimination of tariffs on refined soybean oil over five years, and the elimination of tariffs on crude soybean oil over 10 years."
China barriers: "China is the only major importing country that requires registration or deregulation of a biotech trait to be completed in an exporting country prior to even applying for import approval. This requirement delays commercialization of new traits in the U.S. for as much as two years after U.S. regulatory approvals are obtained."
Source: SD Soybean Association