Industry leaders react to passage of Free Trade Agreements
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“Korea is currently the United States' third largest corn market,” Niemeyer said. “With passage of the FTA, imports of U.S. corn for feed are guaranteed to enter duty free immediately.”
According to National Cattlemen's Beef Association president Bill Donald, the best example of what U.S. cattle producers have to gain is found in the FTA with Korea (KORUS). According to the U.S. International Trade Commission, annual exports of U.S. beef to South Korea are expected to increase as much as $1.8 billion once the agreement is fully implemented.
“We support the president's goal to increase exports,” Donald said. “We need him to end the five-year delay and sign all three agreements.”
According to the American Soybean Association, the Colombia FTA will create new opportunities for U.S. soybean farmers in the Colombian market by immediately eliminating tariffs ranging from 5-20 percent on soybeans, soybean meal and soybean flour, and phasing-out the 24 percent tariffs for crude soybean oil and refined soybean oil over 5 years.
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