Terry Vinduska, USGC chairman, said, "The U.S. Grains Council congratulates the U.S. administration on achieving a historical and precedent-setting agreement with Korea, the most expansive U.S. trade deal since the North American Free Trade Agreement. The U.S.-Korea Free Trade Agreement provides significant benefits for U.S. agricultural trade and the U.S. economy. It will immediately open new opportunities for significant increases in U.S. agricultural exports, which will generate income and jobs here at home.
"Korea is an important market for U.S. grains exports, benefiting U.S. producers of barley, corn, sorghum and their co-products. During the first nine months of this calendar year, Korea imported 8.6 million metric tons of feed grains, with the United States enjoying a 70 percent market share. Korea also imported 373,000 tons of U.S. distiller's dried grains with solubles, a co-product of U.S. ethanol production, a 47 percent increase over the same time period of the previous year. The passage of this agreement will be critical to ensuring the United States' dominant market share in the face of competition from other sources.
"The U.S. Grains Council looks forward to continuing the strong trade relationship with the buyers of our products in Korea. This agreement is a win-win scenario for all involved and we hope it cements the critical role of trade in achieving economic goals in the United States. We are also hopeful it will influence other trade initiatives with Panama, Colombia and the Trans-Pacific Partnership to move to the forefront of the Administration's agenda. We look forward to the immediate ratification of the agreement on the hill and a unified political front on trade."
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