Members of the Taiwan Agricultural Trade Goodwill Mission have agreed to purchase between $4.1 billion and $5.12 billion worth of crops from six U.S. states over the next two years.
The deal calls for Taiwan to buy locally grown corn and soybeans from Wisconsin, Illinois, Indiana, Iowa, Ohio and Virginia, in an effort to strengthen import and export relations between Taiwan and the United States. The group said in its pledge that it needs between 103 million and 110 million bushels of soybeans in 2012-13, with the value expected to range from $1.61 billion to $1.73 billion. Taiwan also intends to purchase between 303 million and 413 million bushels of corn over the same period, as well as up to 750,000 bushels of corn by-products, in a deal worth an estimated $2.5 billion to $3.4 billion.
"Trade agreements like this between Taiwan and Wisconsin are an important part of what both countries must do to remain competitive in our global economy," said Wisconsin Governor Scott Walker. "Taiwan was Wisconsin's largest export market for corn and fourth largest export market for soybeans last year. It is important to maintain strong relations with our sister state of Taiwan, and I thank members of the delegation for their visit to our great state."