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U.S.-Korea Trade Agreement is now law

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The U.S.-Korea Trade Agreement is now law. It went into effect on Thursday.  Ag Secretary Tom Vilsack calls the agreement, “The most significant for the United States in decades.” Under the agreement, two-thirds of the tariffs imposed on U.S. food and agricultural products exported to South Korea are being eliminated. Over the next few years, as additional barriers fall and more U.S. businesses market products to Korea’s expanding economy, American agricultural exports should grow by 1.9-billion dollars and help support nearly 16-thousand jobs here at home.

 

The Secretary said, “The timing could not be better. According to Mr. Vilsack, – strengthening our partnership with growing markets in the Asia Pacific region, such as South Korea, is integral to the strength of the U.S. economy in the decades ahead. The trade deal with South Korea helps level the playing field for American businesses and will help put folks back to work.” U.S. Trade Representative Ron Kirk says , “Korea’s doors are wide open for Made-In-America exports that will support well-paying jobs here at home. But in Korea, controversy has stirred. Opposition in Seoul has vowed to renegotiate the agreement if it wins elections this year.”

 

Source: NAFB News Service