Beef Buzz News
A World of Opportunity - USMEF's Phil Seng on Emerging Markets in Asia
Mon, 18 Jul 2016 17:23:53 CDT
Over the next 15 years, Asia will be home to approximately 65 percent of the world's middle class, according to Phil Seng and he says this is a market in which the U.S. beef industry needs to be involved.
Ron Hays Beef Buzzes with Phil Seng of the USMEF
In revisiting last week's conversation with the U.S. Meat Export Federation (USMEF) President/CEO, Phil Seng says eastern markets such as Vietnam, Taiwan and China offer a world of opportunity. He points out that although a lot of leg work has already been put into these markets, there is still some work to be done.
"The Chinese market is a very vexing market, it has been closed since 2003," Seng said. "We've had to go through all kinds of steps now to even get close to getting that market open. It looks like the major hurdle at this point and time is traceability."
Despite these setbacks, Seng remains positive that U.S. beef will soon be flooding these markets with the help of the current administration.
"This administration is very focused on having progress with China," Seng said. "Having our government committed to getting it done is very encouraging."
Listen to Phil Seng talk more on emerging beef markets during today's Beef Buzz.
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