News

U.S.-South Korea FTA takes effect March 15.

The United States and South Korea say the Free Trade Agreement between the two countries will take effect on March 15th. The deal was originally signed in 2007 but was held up by numerous delays and concerns including access to the Korean market for U.S. automakers.

The deal will eliminate South Korean duties on more than 65 percent of U.S. farm goods and nearly 80 percent of U.S. industrial products on the first day.

National Cattlemen’s Beef Association president J.D. Alexander welcomed the news saying the agreement will phase out tariffs on U.S. beef over the next 15 years and will make U.S. beef a more affordable and appealing choice for our valued Korean customers.

American Soybean Association president Steve Wellman looks forward to implementation saying “This free trade agreement creates landmark opportunities for soybeans and other U.S. agricultural exports.”