Lincoln, Neb. - “The President’s approval of a modernized United States-Republic of Korea Free Trade Agreement (KORUS) is welcomed news for Nebraska farmers and ranchers. South Korea has been a tremendous trading partner and consumer of Nebraska beef, pork, corn, soybeans, as well as other agriculture commodities. This agreement eliminates the uncertainties that existed about our ability to access this critical market moving forward.”
“Nebraska Farm
Bureau’s own economic analysis* shows the KORUS agreement was worth roughly
$340 million to Nebraska agriculture in terms of total exports in 2016. On an
individual basis, our analysis shows the KORUS agreement is worth $34.35
per-head to Nebraska beef producers and $11.52 per-head for Nebraska pork
producers. The fact this trade agreement will continue is a win for Nebraska
agriculture, our farm and ranch families, and Nebraska’s broader economy.”
“Furthermore,
we are hopeful the finalization of the KORUS agreement is just the start of
more good news for agriculture that would come in the form of the U.S.
finalizing an updated NAFTA agreement with Canada and Mexico as well as the U.S.
expanding market opportunities into other countries including the EU, Japan,
and other member nations involved in the Trans-Pacific Partnership.”