Tuesday, December 7, 2010

Just in--


Joyce Ranch--Ritter photo

Free Trade Agreement Re-opens South Korea

Washington--Good news for Idaho ranchers the U.S.-South Korean Free Trade Agreement could bolster beef prices and spark even better U.S. markets.

South Korea was one of the top importers our beef buying more than $1 billion in annual sales prior to 2003. But the BSE scare brought beef bans and U.S. ranchers took a hit that has taken seven years to bounce back. "The American Farm Bureau Federation is pleased the U.S. and Korean governments have come to an agreement that will allow the U.S.-Korea Free Trade Agreement to move forward. We are optimistic that what has been agreed to will allow the FTA to reach the steps of Congress for passage. Farm Bureau has been a strong advocate for passage of the agreement and urges President Obama to send the implementing language to Capitol Hill as soon as possible," said American Farm Bureau President, Bob Stallman.

Once the agreement is ratified, the Free Trade Agreement will eliminate heavy tariffs on U.S. agricultural products -- especially beef.
“The Korean FTA is important for American agriculture and the U.S. economy. At full implementation of the deal, we estimate an increase of $1.8 billion in U.S. agricultural trade per year,” said Stallman.


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