Agricultural News
Administration/Congress To Talk about KORUS FTA
Wed, 04 May 2011 17:39:41 CDT
The Administration has indicated its readiness to begin technical discussions as early as Thursday morning with key congressional staff on the draft implementing bills and draft Statements of Administrative Action for the pending trade agreements with South Korea, Colombia, and Panama. This follows the transmission of a letter from U.S. Trade Representative Ron Kirk to the Chairmen and Ranking Members of the Senate Finance and House Ways and Means Committees indicating that Colombia has taken the necessary steps to move to the next stage in the process.
Bill Donald, National Cattlemen's Beef Association president, says the KORUS FTA could be the most impactful trade agreement the United States has entered into in decades. Donald said they fully support all members of Congress who understand the importance of free trade to the overall success of rural America and the entire U.S. economy.
The month of May is beef month and, according to Donald, this is an excellent way to celebrate the importance of safe and affordable beef to all consumers in the United States and abroad. When implemented, the KORUS FTA would reduce Korea's current tariff on U.S. beef from 40 percent to zero over the next fifteen years. The U.S. beef industry would see 15-million dollars in new tariff benefits in the first year alone.
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