Statement by Steve Nelson, President, Regarding Signing of KORUS Trade Agreement

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.”

*U.S. – Korea Trade Agreement (KORUS) and Nebraska Agriculture

The Nebraska Farm Bureau is a grassroots, state-wide organization dedicated to supporting farm and ranch families and working for the benefit of all Nebraskans through a wide variety of educational, service and advocacy efforts. More than 61,000 families across Nebraska are Farm Bureau members, working together to achieve rural and urban prosperity as agriculture is a key fuel to Nebraska’s economy. For more information about Nebraska Farm Bureau and agriculture, visit www.nefb.org.