New FTA “monumental” for US meat industry
18/10/2011
Mr Seng said the FTA would provide beef exporters in the US with “tariff relief” and “a level playing field for US products”, making them much more accessible to a much wider range of consumers. Imported beef is currently subject to 40% duty in South Korea, but the agreement will phase the duty rate on US beef down to zero over a period of 15 years. Most duties on US pork will be eliminated by 2016.
He added that new FTAs with Panama and Colombia were also important developments and pointed out that USMEF has intensified its marketing efforts in Latin America, recently adding a new director (Jessica Julca, based in Lima, Peru) specifically to serve the Central-South America markets.
Over the next five years, the tariff relief included in the Panama and Colombia agreements is expected to add $35 million in US beef exports.
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