The National Pork Producers Council has praised Congressional approval of free trade agreements with Colombia, Panama and South Korea that may generate nearly $772 million in new pork sales when fully implemented.
The agreements will also add more than $11 to the price producers receive for each hog marketed and create more than 10,000 pork industry jobs, according to Iowa State University economist Dermot Hayes. “These trade agreements will be a boon for U.S. pork producers and for the U.S. economy and jobs,” said Doug Wolf, NPPC president. “Passage of these FTAs is one of the greatest victories ever for the U.S. pork industry.”
The U.S. pork industry was instrumental in getting the trade agreements approved, particularly the deal with South Korea. Last December when the U.S. and the Asian nation were at an impasse over trade in autos, the U.S. pork industry agreed to move back the effective date for when much of its exports enter Korea at a zero tariff rate. The NPPC led the agricultural community in support of the FTAs.