US-South Korea Free Trade Talks Stall

GLOBAL - US Meat Export Federation (USMEF) has released a statement regarding the latest Free Trade Agreement discussions between the US and South Korea over beef and pork trade, which have stalled.
calendar icon 12 November 2010
clock icon 3 minute read

USMEF states that it is disappointed that discussions between the governments of the United States and South Korea have not resolved the issues that have stalled concurrence on the US-Korea Free Trade Agreement (FTA).

Philip Seng, USMEF president and CEO, said: "The US beef and pork industries stand to benefit directly from Korea's phased elimination of duties under the FTA, and we regret that our industry members cannot yet realize those benefits. We strongly support passage of the agreement at the earliest opportunity."

One of the two issues identified by the US government which must be resolved before the FTA can move forward is the question of Korea's restrictions on imports of US beef.

USMEF expects that the elimination of Korea's import duties, together with the associated growth in demand for US beef and pork in Korea, will result in significant export gains for the US red meat industry.

Mr Seng continued: "We support the efforts of the US negotiators to constructively engage their Korean counterparts on the remaining issues in a harmonious fashion that is consistent with the interests of both sides. We remain hopeful that the two sides will resolve these issues in the very near future."

Through August of this year, US beef exports to Korea reached $345 million, up 175 per cent from the same period in 2009, and US beef now is back on the shelves of all of the major retailers in Korea and on the menus of many leading restaurants since being reintroduced to the market in 2008. US pork exports through August reached $128 million, a 16 per cent decline from 2009. When measured by value, South Korea is the United States' fifth-largest pork export market and fourth-largest beef market for the first eight months of 2010.

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