South Korea | U.S.-S. Korea Finalize FTA | U.S. and Korean negotiators reache...

South Korea

U.S.-S. Korea Finalize FTA

U.S. and Korean negotiators reached a free trade agreement (FTA) in Seoul Monday (Korean time) just minutes before the Bush administration’s “fast-track” trade promotion authority notification deadline in Washington, D.C. Details have not yet been disclosed.

Benefiting the U.S. meat industry reportedly was agreement to gradually reduce import tariffs. For pork, the phase-out reportedly would be completed in 10 years and with no safeguard. For beef, on the other hand, the phase-out would be over 15 years, with a safeguard feature lasting for 20 years.

Although not technically part of the FTA, discussions regarding immediate access of U.S. beef apparently resulted in no change to import protocols in place since resumption of trade in September 2006. U.S. negotiators said only that they have a verbal commitment from the Koreans to act after the OIE officially determines the U.S. risk level next month. South Korean news organizations, however, quote Korean officials as saying they’ve promised to “positively consider” the U.S. demand to allow access after the OIE determination.

USMEF was disappointed by the failure of the negotiations to produce agreement on a clear path to reopening the Korean market to beef imports from the United States, or to even clarify import protocols. While USMEF is encouraged by the commitment made by President Roh to base Korea's decision-making in this vitally important area on scientifically-established international standards, we await its full implementation.

South Korea

U.S.-S. Korea Finalize FTA

U.S. and Korean negotiators reached a free trade agreement (FTA) in Seoul Monday (Korean time) just minutes before the Bush administration’s “fast-track” trade promotion authority notification deadline in Washington, D.C. Details have not yet been disclosed.

Benefiting the U.S. meat industry reportedly was agreement to gradually reduce import tariffs. For pork, the phase-out reportedly would be completed in 10 years and with no safeguard. For beef, on the other hand, the phase-out would be over 15 years, with a safeguard feature lasting for 20 years.

Although not technically part of the FTA, discussions regarding immediate access of U.S. beef apparently resulted in no change to import protocols in place since resumption of trade in September 2006. U.S. negotiators said only that they have a verbal commitment from the Koreans to act after the OIE officially determines the U.S. risk level next month. South Korean news organizations, however, quote Korean officials as saying they’ve promised to “positively consider” the U.S. demand to allow access after the OIE determination.

USMEF was disappointed by the failure of the negotiations to produce agreement on a clear path to reopening the Korean market to beef imports from the United States, or to even clarify import protocols. While USMEF is encouraged by the commitment made by President Roh to base Korea's decision-making in this vitally important area on scientifically-established international standards, we await its full implementation.