High Hopes for Korean Free Trade Agreement

High Hopes for Korean Free Trade Agreement

Vilsack wants to present FTA to Congress soon and get it passed by this summer.

Secretary of Agriculture Tom Vilsack say the Obama Administration hopes to present the newly reconfigured Korean Free Trade Agreement to Congress within the next few weeks and have it passed and enacted by July 1.

The Korean Free Trade Agreement represents a major opportunity for U.S. farmers.

"Sixty percent of the items that we currently trade with Korea are corn, soybeans for crush, cotton, cherries, orange juice, grape juice, whey; all of those products and others will be duty-free," Vilsack said. "The other 40% of that which we trade will have their tariffs and duties reduced over a period of time."

Beyond the immediate effects on the sales to Korea, Vilsack says passage of the agreement might ease the way for Congressional approval for other agreements with other nations.

TAGS: Soybean
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