The U.S. Grains Council applauds the U.S. Administration in its renewed push for the passage of three pending bilateral trade agreements, including Colombia, Korea and Panama.
“We are encouraged by the Administration’s submission of the long-standing free trade agreements (FTAs) for ratification by Congress,” said Dr. Wendell Shauman, USGC chairman and Illinois corn farmer. “Passage of these agreements will help to immediately level the playing field and allow organizations like the Council to aggressively re-engage with our international partners and win back lost market share.”
According to government and industry estimates, the three FTAs will result in an additional $2.5 billion in additional sales and lead to the creation of over 20,000 jobs, which are critical to creating economic growth and employment for U.S. citizens. Lack of ratification has led to loss of U.S. exports and market share, as a number of foreign competitors have aggressively pursued favorable trade deals that place U.S. exporters at a competitive disadvantage.
“The three trade agreements are critical components of U.S. competitiveness in the international marketplace. Once ratified, they will offer immediate duty-free or preferential treatment for U.S. coarse grains exports of and most U.S. agricultural commodities. This will not only benefit U.S. producers, but will also enhance each country’s ability to meet the needs of its growing middle class for high-quality protein products at low cost to consumers,” said Shauman.