Beef Buzz News
Ag's Message of 'Do No Harm' Heard by Administration and Implemented in New KORUS Agreement
Mon, 01 Oct 2018 10:36:03 CDT
A collective sigh of relief was felt this past week by many of those in the animal agriculture industry. That relief prompted by the announcement made by the Trump Administration that a new Korea trade deal had been struck and signed by both President Trump and South Korea President Moon Jae-in during a trip to New York for a visit to the United Nations. The aspect most appealing about this new agreement to the ag industry being that not much was changed as it relates to agricultural products.
“We already have very good access under the Korean Free Trade Agreement. That’s been our message all along when it comes to the Korean Free Trade Agreement- ‘let’s do no harm,’” said Kent Bacus, director of international trade and market access for the National Cattlemen’s Beef Association. “That market means about 1.2 billion dollars for us. So, we want to continue to capitalize on that. That’s why we’re very excited to see this new modernized version move forward without changing any of the positive benefits that we have under ag.”
According to Bacus, Korea has over the years become the second largest export market for the US and the US, under this agreement, has grown into the No. 1 source of beef for Korean consumers. In addition, this deal has essentially pushed our Australian competitors out of the market. Bacus says the US has witnessed an elimination of a 40 percent tariff under this deal, which has in effect give the US an 8 percent advantage over Australia. However, the relationship we have now wasn’t always as good says Bacus.
“Keep in mind, almost 10 years ago, there were 600,000 people in the streets of Seoul protesting the importation of US beef,” he said. “We’ve come a long way, so this is very exciting news.”
Listen to Bacus and Radio Oklahoma Ag Network Farm Director Ron Hays speak more about this new agreement as well as news of Japan’s recent commitment to begin crafting a bilateral deal with the US, on today’s Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Hear Bacus and Ron Hays speak more about this new agreement and more on today's Beef Buzz.
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