Release Date: February 02, 2006
ARLINGTON, VA - The U.S. government announced today that it launch free trade agreement negotiations with Korea. Economy-wide, Korea is the United States' seventh-largest trading partner in terms of two-way trade and fifth-largest market for U.S. agricultural goods, while the United States is Korea's second-largest trading partner and its largest source of foreign direct investment.
The National Milk Producers Federation (NMPF) and the U.S. Dairy Export Council (USDEC) wrote to U.S. Trade Representative Robert Portman in support of this decision to move forward with discussions with Korea. “This country is one of strategic importance to the U.S. dairy industry and we welcome this undertaking,” said Jerry Kozak, President and CEO of NMPF. “Not all trade agreements are in American dairy producers' best interests; but a properly negotiated deal with Korea would provide us with an expansion in trade.”
Despite heavy market access barriers to dairy imports, the U.S. exported $46 million of dairy products to Korea in 2004. Last year saw a significant expansion in U.S. dairy shipments to Korea, likely totaling approximately $58 million for 2005. “Korea provides very attractive growth potential for U.S. dairy exports, particularly for our cheeses,” said Tom Suber, President of USDEC.
In the letter, NMPF and USDEC expressed their willingness to work with U.S. negotiators in pursuit of a balanced outcome to the Korea FTA that will benefit U.S. dairy producers and processors.
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