According to the American Farm Bureau’s article “Free Trade Agreements Would Boost AG Economy”, farmers in the United States are urging the Obama administration to present the Columbia Trade Promotion Agreement (CTPA) and the U.S. - Korean Free Trade Agreement (KORUS FTA) to Congress. These agreements will allow farmers to become a competitive exporter of agricultural commodities to Columbia and Korea.
According to the President of AFBF, Bob Stallman:
“Colombian import duties on agricultural and processed food products average roughly 30 percent,” Stallman said. “For South Korea, agricultural tariff rates range from just over 1 percent to nearly 500 percent, depending on the commodity. Eliminating these tariffs through these free trade pacts would be extremely beneficial to U.S. agriculture.”
The impact of these agreements on the historic agriculture industry will be huge. The American Farm Bureau’s economic analysis of the CTPA showed a potential increase in U.S. agriculture exports totaling at least $815 million per year.
The effect of KORUS FTA will be significant as well: "Exports of major grain, oilseed, fiber, fruit and vegetable and livestock products are likely to exceed $1.8 billion annually," according to AFBF.
"Free Trade Agreements Would Boost AG Economy" has additional details on the potential effects that KORUS and Colombia-US Trade Agreements can have on the US agricultural industr.
