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USGC Statement On Potential Withdrawal From KORUS | KRVN Radio

USGC Statement On Potential Withdrawal From KORUS

USGC Statement On Potential Withdrawal From KORUS

A statement from the U.S. Grains Council (USGC):

“The Council strongly opposes withdrawal from the U.S.-Korea Free Trade Agreement (KORUS), an action that will lead to immediate and sustained losses in sales to our third largest corn customer.

“South Korea is an example of the transformational partnership available to U.S. grain farmers and their global customers through strong trade policy and overseas market development.

“The Council has worked in South Korea since 1972, offering expertise on how to use corn, distiller’s dried grains with solubles (DDGS) and, most recently, ethanol. This work has helped spur dynamic growth in the South Korean livestock and feed grains sectors and made it one of the largest and most loyal customers of U.S. grain.

“Fully 96 percent of feed producers in South Korea now use DDGS, an astounding statistic for a product that barely existed in the market 20 years ago, and one critical to U.S. producers who have suffered lost business due to China’s adverse tariffs decisions. Just last week, we hosted a team of South Korean buyers to the Midwest to see the progress of the U.S. corn crop first hand.

“KORUS has solidified and enhanced our longtime and fruitful partnership with South Korea. Unilaterally walking away from it now is a rash move that will harm relationships we have built over a period of 40 years at the expense U.S. farm country.”

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