President Trump signed a revised free trade agreement with South Korea on Monday in New York, cementing the first bilateral trade deal of his administration and suggesting the United States could soon win similar agreements with other trading partners.
The revised version of the United States-Korea Free Trade Agreement, known as KORUS, preserves a two-way trade relationship that greatly benefits America’s farmers and ranchers says American Farm Bureau Federation President Zippy Duvall.
South Korea bought $6.9 billion worth of U.S. agricultural goods last year, making it our sixth-largest export market.
“Whether it’s corn, soybeans and wheat, or poultry, eggs and meat products, our agricultural exports to South Korea are growing thanks to the U.S. – Korea FTA," says Duvall. “Renewal of our trade deal with South Korea is much-needed good news and help for our farmers and ranchers as the agricultural economy struggles."
Duval states securing export markets for U.S. products is critical and encouraged the administration to continue its push for conclusion of other trade agreements, such as an updated NAFTA agreement with Canada and Mexico.
“Our negotiators should also continue pushing to remove barriers to U.S. ag trade in other parts of Asia," he says. "As Agriculture Secretary Sonny Perdue recently stated, now would be a good time to take a fresh look at the Trans-Pacific Partnership, an agreement that Farm Bureau has estimated would boost U.S. agricultural exports by $4 billion per year. Rejoining TPP negotiations would send a clear message to other nations, such as China, that the U.S. is serious about growing key markets for our agricultural products around the world.”
