A free trade agreement between the United States and Korea will provide a tremendous economic benefit to the U.S., according to Korean Economic Affairs Minister Jong hyun Choi.
Choi spoke during a news conference held at the 2010 World Pork Expo on June 10. The U.S. and South Korea signed the FTA on June 30, 2007, but have since been awaiting approval from the U.S. Congress.
National Pork Producers Council's Vice President and Counsel for International Affairs Nick Giordano said that while this agreement will help all trade, it will have a great impact for the pork industry.
"The passing by Congress of this agreement could create 9,000 new jobs in the pork industry and impact prices with an increase of $10 per hog within the next 10 years," said Giordano, quoting a study done by Iowa State University economist Dermot Hayes. "Pork producers want to see it implemented right away. This is the single most important trade deal out there for our industry."
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