President Trump recently signed the amended trade deal with South Korea known as KORUS. Many are hailing the completed deal as President Trump fulfilling his promise to fight for American workers and businesses in international trade.
American Farm Bureau Federation President Zippy Duvall also believes this is a positive move in global trade relations for the U.S. Duvall has released a statement saying, “President Trump’s approval today of the modernized U.S. – Korea Free Trade Agreement preserves a two-way trade relationship that greatly benefits America’s farmers and ranchers. South Korea bought $6.9 billion worth of U.S. agricultural goods last year, making it our sixth-largest export market. Whether it’s corn, soybeans and wheat, or poultry, eggs and meat products, our agricultural exports to South Korea our growing.”
Duavall is hopeful that the completion of KORUS is the first step in completing other trade deals. Both in North America and in Asia. Duvall said, “Renewal of our trade deal with South Korea is much-needed good news and help for our farmers and ranchers as the agricultural economy struggles. Securing export markets for our products is critical, and we encourage the administration to continue to push for conclusion of other trade agreements, such as an updated NAFTA agreement with Canada and Mexico.
Duvall concluded his statement with praises of USDA officials and their role in the trade negotiations saying, “Our negotiators also should continue pushing to remove barriers to U.S. ag trade in other parts of Asia. As Agriculture Secretary Sonny Perdue recently stated, now would be a good time to take a fresh look at the Trans-Pacific Partnership, an agreement that Farm Bureau has estimated would boost U.S. agricultural exports by $4 billion per year. Rejoining TPP negotiations would send a clear message to other nations, such as China, that the U.S. is serious about growing key markets for our agricultural products around the world.”