Thursday, October 13, 2011

Positive Reaction Pouring in on FTA Passage

President Obama called the passage of trade agreements with Colombia, Panama and South Korea, as well as Trade Adjustment Assistance, a major win for American workers and businesses. House Agriculture Committee Chair Frank Lucas, R-Okla., says the ag industry is going to benefit from significant, new market access as a result of the passage of the three trade deals with Colombia, Panama and South Korea. He points out that according to the American Farm Bureau Federation, the U.S. will see $370 million more in farm exports to Colombia annually as a result of the FTA with that country. The agreement with Korea, once fully implemented, could boost increased farm exports by $1.9 billion. Lucas says the agreements put us in a better position to compete globally, expand U.S. exports, create jobs and bring much-needed income to communities across rural America. NCBA President Bill Donald says cattlemen also have a lot to gain when the agreements are fully implemented. He says the bext example is found in the agreement with Korea. The U.S. International Trade commission says annual exports of U.S. beef to South Korea are expected to increase as much as $1.8 billion. Implementation would phase out South Korea's 40% tariff on beef imports over 15 years...more

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