Passage, implementation could generate an additional $2.3 billion in exports for U.S.
Although the American Meat Institute (AMI) commended U.S. negotiators for their efforts, AMI also expressed disappointment that U.S. and South Korean negotiators have failed to resolve issues that have stalled Congressional approval of the U.S.-Korean Free Trade Agreement.
It is essential to pass the agreement so that tariff-reduction schedules can begin, AMI says. South Korea applies a tariff of 40% to U.S. beef products, 18% to 27% on U.S. offal, 25% for frozen pork, 22.5% for fresh/chilled pork, 20% for chicken, and 18% for turkey.
U.S. beef exports to South Korea through August this year are up 175% over the same period last year.
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