TSCRA Daily News Update, April 25, 2008

Next step – Korean FTA?

Assuming trade resumes as planned, NCBA will ask Congress to consider, support and pass thelong-awaited U.S.-South Korea Free Trade Agreement (FTA). "For U.S. beef trade, the Korean FTA could be the biggest and most important bilateral trade agreement in history," says Gregg Doud, NCBA's chief economist.

In an April 18 press statement, Senate Finance Chairman Max Baucus (D-Mont) welcomed the announcement about Korea resuming beef trade with the United States, but said he intends to closely monitor Korea's implementation of the deal.

"I have been clear for years that Korea must provide full market access for all U.S. beef, and I believe this deal can get us there if the Korean government follows through. The proof is in the porterhouse," said Baucus.

"When U.S. beef is once again available in Korean grocery stores, I look forward to working with President Lee and his new government on moving our trade relationship forward," Baucus said. "I will closely monitor the implementation of this new import protocol, and I expect great results."

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