Movement on Korean Tree Trade
Movement on Korean Tree Trade. I’m Greg Martin with today’s Line On Agriculture.
Agriculture Secretary Tom Vilsack yesterday talked with the media to highlight the benefits to U.S. agriculture of the U.S.-Korea Trade Agreement (KORUS) now pending before Congress. The Obama Administration concluded trade negotiations with South Korea in December 2010, setting the stage for Congressional action.
VILSACK: In just the next several weeks the United States Congress will begin looking very closely at the U.S.-Korean Trade Agreement which at USDA we believe it represents a historic opportunity to increase exports, to create jobs and to bolster the American economy. As well as strengthening a very important and vital strategic alliance in the Asian/Pacific area.
Vilsack says that economic output is estimated to grow more under this agreement than from our last nine trade agreements combined. In November, President Obama walked away from a deal because it wasn’t good enough.
VILSACK: He landed a better deal and signed a stronger agreement with South Korea in December that will help to reach our export goals of doubling American exports over the next 5 years and supporting at least 70-thousand new American jobs and we are hopeful that Congress will ratify and implement this agreement without delay.
Work is continuing on both the Columbia and Panama agreements but he adds there is competition.
VILSACK: But right now we have before us the U.S.-Korean Trade Agreement that has historic bi-partisan support from Democrats and Republicans as well as from business and labor; the Chamber of Commerce to the UAW and it’s time to move forward. I would note that the EU recently passed it’s own agreement with Korea that goes into effect July 1. My hope for the farm economy and I believe the President;s hope for the overall economy as well is that Congress moves now to ratify and implement this trade agreement as quickly as possible.
VIlsack says this agreement would help put the U.S. back on top as a trading partner with Korea.
VILSACK: We provide today roughly 30% of Korea’s total agriculture imports for a total of approximately $5-billion dollars in ag trade. That makes Korea the fifth largest market for our farm products. But interestingly enough the U.S. used to be Korea’s biggest trading partner. Since 2003 we’ve fallen to 4th place behind China, the EU and Japan.
That’s today’s Line On Agriculture. I’m Greg Martin on the Ag Information Network.
