Free Trade Agreements
On October 12, Congress passed the Colombia, Korea, and Panama Free Trade Agreements. President Obama signed them into law on October 21.
Collectively, these three agreements signal an understanding by Congress that increased exports mean jobs and economic activity that the U.S. desperately needs.
Under the agreements, Illinois corn farmers will enjoy:
- Higher prices for commodities as a result of higher demand for processed products and meats to satisfy export demand for the Korean market (Iowa State University).
- Immediate duty-free access to Colombian markets for corn through a 2.1 million metric ton tariff rate quota with 5 percent annual growth. This will reverse the nearly 2 million metric ton market the U.S. lost to competitors in previous years without the agreement.
- Rejuvenated trade with Panama whose agricultural exports enter the U.S. market duty-free. Prior to the agreement, less than 40 percent of U.S. agricultural exports enjoyed duty-free access to the Panamanian market.
“The Illinois Corn Growers Association is very appreciative of all the members of the Illinois Delegation that voted in favor of the Colombia, Korea, and Panama Free Trade Agreements. For years, these agreements have waited on the President’s desk, while agriculture and other American industries have paid a price in lost market opportunities and economic activity. Finally, our President and our Congress have signaled the importance of free trade and have voted accordingly,” said ICGA President Jim Reed.
Thank you to Senators Durbin and Kirk, as well as Congressmen Biggert, Davis, Dold, Hultgren, Johnson, Kinzinger, Manzullo, Quigley, Roskam, Schilling, Schock, Shimkus, and Walsh for their votes in favor of some or all of the Free Trade Agreements.
To lean more check out these articles:
CORN FARMERS THANK MEMBERS OF IL DELEGATION FOR A "YES" VOTE ON FREE TRADE AGREEMENTS
ICGA APPLAUDS HOUSE'S QUICK ACTION ON FREE TRADE AGREEMENTS
FREE TRADE AGREEMENTS SUBMITTED TO CONGRESS FOR APPROVAL
FIND TIME TO SPEAK TO YOUR (OLD AND NEW) CONGRESSMAN ABOUT FTA'S