South Korean Ambassador Urges Completion of FTA with U.S.
Published: Apr 20, 2011
South Korean Ambassador to the United States Han Duk-soo told a group of Colorado business leaders today that several leading international red meat competitors are pressing Korea for enhanced market access, adding urgency to the need for the U.S. and Korea to approve their pending free trade agreement (FTA).
Meeting with Colorado Gov. John Hickenlooper, Sen. Mark Udall, USMEF President and CEO Philip Seng and other business leaders, Ambassador Han cited a potential of $3.5 billion in tariff savings from the FTA, noting that the U.S. and Korea share $115 billion in trade annually with a $4.7 billion deficit in Korea’s favor. He added that the proposed tariff reductions would favor the U.S.
Citing Colorado’s presence in the beef industry, Han told the group there are three reasons for the United States to press ahead with approval of the FTA. “First, Korea will likely open its borders to Canadian beef,” he said. “Second, Australia and Korea will soon finalize an economic partnership agreement. Third, about 95 percent of the U.S. beef that Korea will import comes from cattle under 30 months of age, so there’s no reason to hold up the agreement for the other 5 percent.”
Sen. Udall indicated that he believes a possible complication to approval of the U.S.-Korea FTA is an effort to tie the three different pending FTAs (Korea, Columbia and Panama) together for joint approval, since each has different benefits and different supporters.
The former prime minister of the Republic of Korea (South Korea), Han is one of the architects of the pending FTA
In 2010, the United States exported 112,759 metric tons (248.6 million pounds) of beef valued at $517.9 million to South Korea. In the first two months of 2011, exports are up 121 percent in volume and 142 percent in value over 2010 levels.
South Korea purchased 86,991 metric tons (191.8 million pounds) of U.S. pork last year valued at $189.9 million. So far this year, pork exports to Korea are up 143 percent in volume and 198 percent in value, driven in part by the foot and mouth disease outbreak that has hamstrung Korea’s hog industry.
Citing Colorado’s presence in the beef industry, Han told the group there are three reasons for the United States to press ahead with approval of the FTA. “First, Korea will likely open its borders to Canadian beef,” he said. “Second, Australia and Korea will soon finalize an economic partnership agreement. Third, about 95 percent of the U.S. beef that Korea will import comes from cattle under 30 months of age, so there’s no reason to hold up the agreement for the other 5 percent.”
Sen. Udall indicated that he believes a possible complication to approval of the U.S.-Korea FTA is an effort to tie the three different pending FTAs (Korea, Columbia and Panama) together for joint approval, since each has different benefits and different supporters.
The former prime minister of the Republic of Korea (South Korea), Han is one of the architects of the pending FTA
In 2010, the United States exported 112,759 metric tons (248.6 million pounds) of beef valued at $517.9 million to South Korea. In the first two months of 2011, exports are up 121 percent in volume and 142 percent in value over 2010 levels.
South Korea purchased 86,991 metric tons (191.8 million pounds) of U.S. pork last year valued at $189.9 million. So far this year, pork exports to Korea are up 143 percent in volume and 198 percent in value, driven in part by the foot and mouth disease outbreak that has hamstrung Korea’s hog industry.