Trade Groups Cheer KORUS FTA; Urge Congressional Approval
In the wake of an agreement on a landmark trade deal between United States and South Korea that is expected to increase annual exports of American goods by up to $11 billion and support at least 70,000 American jobs, industry groups, including the National Turkey Federation (NTF), are applauding the Obama administration for its approval of the U.S.-Korea Free Trade Agreement (KORUS FTA).
“The KORUS FTA provides a historical opportunity to increase and promote trade and gain more access to U.S. workers, farmers, and businesses to a major Asian market,” said Joel Brandenberger, president of the Washington, D.C.-based NTF. “For U.S. turkey exports, South Korea is the 10th largest export market by quantity and the 11th largest by value.”
In 2009, Brandenberger said combined exports of U.S. chicken, turkey and egg products to Korea totaled $47.8 million. “By the time the agreement is fully implemented, U.S. poultry exports are expected to triple to more than $150 million annually.”
The Grocery Manufacturers of America (GMA) also supports the KORUS FTA, “which will help create new opportunities to expand exports of our products to South Korea,” according to Pamela G. Bailey, president/CEO of GMA, which is urging Congress to approve the pending trade agreement.
Noting that exports of food and other household products manufactured in the U.S. “have exceeded imports for three straight years, supporting jobs in thousands of communities across the country,” Bailey said expanded access to new export markets for American businesses “is vital to the future growth of the U.S. economy. We look forward to working with the administration and Congress to quickly ratify the KORUS FTA."