Agricultural News
U.S. - Korea Trade Agreement Goes Into Effect, Expands Export Markets
Thu, 15 Mar 2012 09:36:14 CDT
Agriculture Secretary Tom Vilsack made the following statement about the U.S-Korea Trade Agreement, also known as KORUS, which took effect March 15.
"Today is a monumental day for American farmers and ranchers. Under the new U.S.-Korea trade agreement, two-thirds of the tariffs imposed on U.S. food and agricultural products exported to South Korea are being eliminated. Over the next few years, as additional barriers fall and more U.S. businesses market products to Korea's expanding economy, American agricultural exports should grow by $1.9 billion and help support nearly 16,000 jobs here at home. The trade agreement with Korea is the most significant for the United States in decades. Now the world's 12th largest economy, with a GDP of over $1.4 trillion and a population of about 49 million, Korea is already the fifth largest export market for U.S. farm products.
"For America's farmers, ranchers, and agricultural businesses the timing could not be better. U.S. agriculture is currently experiencing one of its best periods in history thanks to the productivity and resourcefulness of American farmers and agribusinesses.
"Strengthening our partnership with growing markets in the Asia Pacific region, such as South Korea, is integral to the strength of the U.S. economy in the decades ahead. Along with other efforts to promote American exports, the trade deal with South Korea helps level the playing field for American businesses and will help put folks back to work. Across the economy, it will add $10 billion to $12 billion to annual U.S. Gross Domestic Product. Increased exports mean higher incomes for farmers and ranchers, more opportunities for small businesses owners, and jobs for people in rural communities and port cities-the people who grow, package, ship and market American agricultural products."
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