Source: Rita Jane Gabbett, MEATINGPLACE, 11/22/11

On Tuesday the South Korean Parliament approved the Free Trade Agreement with the United States that has been six years in the making.

The U.S. Congress passed the FTA in mid-October and President Obama signed it on Oct. 21.
“The United States welcomes the Korean National Assembly’s approval of the KORUS FTA,” said U.S. Trade Representative Ron Kirk in a statement.  “We look forward to working closely with the government of Korea to bring the agreement into force as soon as possible.”

Tariffs on U.S. beef imported by Korea will drop from 40 percent to zero over 15 years, and duties on U.S. pork, which range from 22.5 percent to 25 percent, will be phased out over two years starting Jan. 1, 2014.

The FTA has been hailed by meat industry groups, which have estimated U.S. beef exports to South Korea could double to $1.8 billion annually, while prospects for pork and poultry exports will also improve.

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