Published: 04-18-08
WASHINGTON D.C. – Today the United States and South Korea announced a deal to reopen South Korean markets to U.S. beef and beef products of all cuts and all ages that are consistent with international standards and World Animal Health Organization (OIE) guidelines. The flow of product into the South Korean market could come as early as mid-May.
“I am pleased to hear that South Korea will once again open its markets to U.S. beef and beef products. Soon South Koreans will once again be able to enjoy American beef of the highest quality and safety. I applaud the tireless effort of USTR in this process and the South Koreans for basing this decision on sound science and proven international safety standards. I also hope that Japan will take note of this decision and soon follow the lead of our friends in South Korea by reopening their markets to U.S. beef products.”
In 2003 South Korea closed its market to U.S. beef after a case of bovine spongiform encephalopathy (BSE) was discovered in the United States. Prior to 2003 South Korea was one of the largest export markets for U.S. beef. In 2003 alone the United States exported $815 million in beef and beef products to South Korea making the country our third largest export market at the time.
“This action bodes well regarding our relationship with South Korea and effectively removes one of the largest hurdles in moving forward with the United States-Korea Free Trade Agreement (KORUS FTA). South Korea is one of our largest trading partners and strongest allies in Asia. I look forward to working with United States Trade Representative Susan Schwab and others across the spectrum in advancing an agreement that will be good for American manufacturing service and agriculture sectors.”
According to USTR South Korea is our seventh-largest trading partner with a $1 trillion economy. Under the terms of the KORUS FTA nearly 95 percent of bilateral trade in consumer and industrial products will become duty-free within three years of entry while two-thirds of U.S. agricultural products will become duty free immediately.
