Source: MEATINGPLACE, 10/21/11

President Barack Obama on Friday signed into law free trade agreements with South Korea, Panama and Colombia expected to generate billions of dollars in U.S. farm exports.

The agreements that most of the American products exported to South Korea, Colombia and Panama will become duty-free.

The meat and poultry industries have been eager for the FTA with South Korea, which is expected to bolster imports of U.S. beef, pork and chicken. 

The president also signed an extension of the Trade Adjustment Assistance program that helps U.S. workers who lose jobs to foreign competition.

Agriculture Secretary Tom Vilsack projected the three agreements will increase farm exports by an additional $2.3 billion, supporting nearly 20,000 American jobs, by eliminating tariffs and removing barriers to trade.

“For America’s farmers and ranchers, the trade agreements are an opportunity to strengthen U.S. agriculture, already a bright spot in our economy,” Vilsack said.

He said U.S. agricultural exports are on track to reach new highs this year and next, leading to a trade surplus of more than $42 billion, eight times greater than just five years ago.

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