Free Trade Agreements - Korea - US (KORUS)

The U.S. and Korea concluded free trade negotiations on April 1, 2007 and additional discussions and agreements were reached in December 2010 on remaining issues. The pending U.S.-Korea free trade agreement will provide American farmers with improved access to Korea's $1 trillion economy and 49 million consumers.

U.S. farmers and ranchers are already a top supplier to Korea for a broad variety of farm products, including almonds, fresh cherries, oranges, hides and skins, alfalfa, corn, and wheat. In 2010, U.S. agricultural exports to Korea totaled $5.0 billion (up from $3.9 billion in 2009), making Korea the fifth largest export market for U.S. farm products.

Midwest farm products that will benefit from reduced tariffs and improved access include: wheat, corn, soybeans, cheese, skim milk powder, whey for food and feed use, hides and skins, barley, popcorn, and hay.

If the U.S. fails to implement the KORUS FTA American farmers will lose market share to its competitors who have FTAs with Korea including the EU, Chile, India, and the 10-nation ASEAN group. Korea is also negotiating new FTAs with Canada, Australia, New Zealand, and China.

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