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USTRNonrulemakingUSTR-2009-0020

Request for Comments Concerning Free Trade Agreement With the Republic of Korea

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American Soybean Association filings
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American Soybean Association filed 1 comment on this docket between Jul 31, 2009 and Jul 31, 2009. 124 other organizations filed here. The comment window closed 6160d ago.

What American Soybean Association filed (1)

Jul 31, 2009· USTR-2009-0020-0002

July 30, 2009 Ms. Carmen Suro-Bredie, Chairman, Trade Policy Staff Committee Office of the United States Trade Representative 600 17th Street NW Washington, DC 20208 RE: Comments on the South Korea Free Trade Agreement. Docket number USTR-0001-0059 Ms. Suro-Bredie: The American Soybean Association (ASA) supports a free trade agreement with the Republic of Korea. According to U.S. Bureau of the Census Trade Data, South Korea is the 10th largest market for soybeans and soybean meal and the 8th largest market for soybean oil. In 2008, South Korea imported more than 438 million metric tons of U.S. soybeans and more than 173 million metric tons of soybean meal. However, lower cost competition from China and South America put even these sales at risk. A free trade agreement offers the opportunity to improve our competitive position in the Korean market for such products and expand the potential for future sales. The KORUS offers immediate duty-free access to U.S. soybean meal and to U.S. soybeans for crushing. If the agreement is not enacted, South Korea has the potential to place tariffs on soybeans that could equal 487 percent. Soybean meal could be charge 1.8 percent. Tariffs on refined soybean oil that has a current tariff of 5.4 percent would be eliminated over 5 years, and the current tariffs of 5.4 percent on crude soybean oil would be eliminated over 10 years. In addition, for the first time, producers of U.S. food-grade soybeans would have access to the South Korean market outside of the import monopoly created by the Korean State Trading Enterprise. As important as these market access gains will be to us, equally important to our industry is the potential for expanding exports to Korea of livestock products, including pork, poultry and dairy. These products are all produced with the protein from U.S. oilseed crops. In 2008, the U.S. exported $278 million in pork to Korea, $73 million in poultry products, and $99 million in dairy products. Each o

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