The National Cattlemen's Beef Association was one of the many food and agricultural groups and companies that signed a letter sent a Congressional Leaders in support of the recent agreement between the United States and South Korea on issues that have delayed approval of the Korea-U.S. Free Trade Agreement. Kent Bacus, NCBA manager of legislative affairs, said the groups urged Congress to ratify the overdue trade agreement at the "earliest possible opportunity."
"Congress has an opportunity to ratify one of the most significant trade agreements in history," Bacus said. "The inaction of Congress to approve this trade agreement has jeopardized America's competitive advantage in this very important market and consequently has stymied economic growth and job creation."
If implemented, the KORUS FTA would reduce Korea's current tariff from 40% to zero over the next fifteen years. The U.S. beef industry would see $15 million in new tariff benefits in the first year alone, with about $325 million in tariff reductions annually once fully implemented. According to NCBA if KORUS enters into force, Korea could eventually be a $1 billion a year market for U.S. beef producers.
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