The American Soybean Association has praised Congressional passage of the U.S. Free Trade Agreements with South Korea, Colombia and Panama, which will benefit soybean farmers and rural economies through increased exports of U.S. soy and soy-fed meat and poultry, according to the association.
The Korea FTA offers immediate duty-free access to U.S. soybeans for crushing and to U.S. soybean meal. It also opens up South Korea’s food-grade soybean imports to the private sector. The agreement will increase exports of the major grain, oilseed, fiber, fruit and vegetable, and livestock products by $1.8 billion annually, according to economic forecasts by the American Farm Bureau Federation.
The Colombia FTA will create new opportunities for U.S. soybean farmers in the Colombian market by immediately eliminating tariffs ranging from 5% to 20% on soybeans, soybean meal and soybean flour, and phasing out the 24% tariffs for crude soybean oil and refined soybean oil over five years.
The Panama FTA will benefit soybean farmers by immediately removing the tariffs on U.S. soybeans, soybean meal and crude vegetable oils.
