U.S. and Mexico come to terms on sugar trade
The U.S. and Mexico have come to an agreement on sugar trade negotiations during the past 24-hour extension.
Mexico has agreed to reduce the amount of refined sugar it exports to the U.S. while increasing raw sugar, increase the price for it to be sold and accept increased trade enforcement.
U.S. Ag Secretary Sonny Perdue says the agreement is a dramatic improvement for the sugar industry and also requires raw Mexican sugar be shipped in ocean-going vessels, rather than in packages or by land.
After the announcement, President and CEO of the Corn Refiners Association John Bode said this is an excellent sign ahead of NAFTA negotiations. He says the U.S. sugar industry now has stronger protections than in past agreements and this stops unfair trade practices.
The National Corn Growers Association also praised the agreement, saying the resolution will minimize trade impacts on corn and corn products.