The Trump administration Tuesday announced an agreement to allow U.S. rice more market access in South Korea.
Under the agreement, Korea will provide access for 132,304 tons of U.S. rice annually, with an annual value of approximately $110 million.
Korea also agreed to important disciplines to ensure transparency and predictability around the tendering and auctioning for U.S. rice.
U.S. Trade Representative Robert Lighthizer says the announcement “will prove enormously beneficial for American producers.”
Agriculture Secretary Sonny Perdue says the exports “are critical for the economic health of the U.S. rice industry,” as half of the U.S. rice crop is exported annually.
Perdue called the announcement “another great testament of President Trump’s determination to expand export opportunities” for farmers and ranchers.
The agreement gives the U.S. the greatest volume of guaranteed rice market access in Korea ever secured by the United States. A
dditionally, the agreement provides U.S. suppliers with enhanced disciplines related to the administration of the U.S. country-specific quota.
The agreement will enter into force on January 1, 2020.
