NBFA Statement on the Signing of the U.S. Trade Agreement with Korea, Columbia and Panama
October 20, 2011 / By John Boyd
This past June, I had the opportunity to meet with United States Trade Representative Ron Kirk. We discussed ways to improve trade opportunities for Black and other minority farmers, including the Korea, Columbia and Panama agreements. The NBFA supported the passage of the implementing bills for these agreements and is honored to take
part in the signing ceremony at the White House with President Obama and Ambassador Kirk.
We appreciate the leadership of Ambassador Kirk and other leaders of Congress to make this a reality. We know it was not easy. But these trade bills will open new doors of opportunity for America's farmers and ranchers. This is another example of the Obama Administration improving lives in rural America, which is the NBFA's top priority.
Below is further information on each of the three agreements, taken from USTR.gov and other sources. Members can visit www.ustr.gov/fta or the USDA website for more details, to take full advantage of the agriculture export opportunities these agreements offer.
Korea: The United States is already South Korea’s top supplier of agriculture products, including of a broad variety of farm products such as almonds, fresh cherries, hides and skins and corn. The U.S.-South Korea trade agreement creates new opportunities for U.S. farmers, ranchers and food processors seeking to export to South Korea’s 49 million consumers, giving American agricultural producers more market access in two ways – by getting rid of tariffs charged when U.S. exports come into South Korea, and by laying out a framework to tackle other barriers to U.S. exports –even those that might arise in the future.
Columbia: Columbia is an important market for America’s farmers and ranchers. In 2010, the United States exported $832 million of agricultural products to Colombia, the second highest export total in South America. Top U.S. exports include wheat, corn, cotton, soybeans, and corn gluten feed. Upon implementation of the Colombia TPA, U.S. exporters will receive immediate duty-free treatment on products accounting for almost 70 percent of current trade.
Panama: In 2010, the United States exported over $450 million of agricultural products to Panama, more than double U.S. agricultural exports to Panama in 2005. Top U.S. exports were corn, soybean cake and meal, wheat, rice, and horticultural products. Upon implementation of the Panama TPA, U.S. exporters will receive duty-free treatment on products accounting for more than half of current trade, with tariffs on most remaining agricultural products phased out within 15 years. Moreover, the two countries signed a far-reaching agreement on sanitary and phytosanitary (SPS) measures and technical standards that eliminated long-standing regulatory barriers faced by a variety of U.S. products in the Panamanian market.
