Free Trade Agreements

Everyone is looking for ways to make more money, especially in today's economy. This is no different for corn farmers or anyone else linked to the agricultural community. The House and Senate should be applauded as they just passed the pending Free Trade Agreements with South Korea, Panama, and Colombia last night. According to ilfb.org the passage of these agreements will boost U.S. agirculture exports by $2.5 billion and will create over 22,500 American jobs when it is all said and done.

As the United States is the world's largest corn producer and exporter, the passing of these FTA's will also create opportunities for customers in the livestock and poultry industries as well as the export of distillers grains. South Korea is the United States third largest corn market, and now corn and distillers grains will be guaranteed to enter duty-free as soon as possible. Colombia has been one of the top ten export markets for U.S. corn, but has decreased dramatically last year. Now, with the new FTA, U.S. corn producers will gain immediate access to the Colombian market 2.1 million metric tons of corn at zero percent duty. Finally, Panama is one of the fastest growing economies in Latin America, but has one of the highest tax on grains being imported into the country. The new FTA will work on lowering that so Panama and the United States will be on an equal playing field.



Members of the Free Trade Agreement


As I have been researching these new Free Trade Agreements and talking with farmers, I am finding that these new passages will boost economic growth as well as international competitiveness. What is your opinion of the Free Trade Agreements?