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USA - Statement on U.S.-Korea Free Trade Agreement

Today’s announcement by President Obama that negotiators for the United States and South Korea have reached consensus on their free trade agreement (FTA) is very welcome news for U.S. red meat producers, processors and exporters. The U.S. red meat industry will reap significant benefits under the FTA from the gradual elimination of duties on pork and beef exports to Korea.
7 December 2010
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Today’s announcement by President Obama that negotiators for the United States and South Korea have reached consensus on their free trade agreement (FTA) is very welcome news for U.S. red meat producers, processors and exporters. The U.S. red meat industry will reap significant benefits under the FTA from the gradual elimination of duties on pork and beef exports to Korea.

Through the first nine months of 2010, the United States has exported 81,866 metric tons (180.5 million pounds) of beef valued at $383.8 million to South Korea – an increase of 136 percent in volume and 181 percent in value versus the same period in 2009. Pork exports to Korea are down about 17 percent year-over-year, but still total 64,209 metric tons (141.6 million pounds) valued at $136.5 million.

http://usmef.org/downloads/USMEF_Statement_on_U.S.-Korea_Free_Trade_Agreement.pdf

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