US fruit exports to South Korea are expected to rise this season, now that the long-awaited US-Korea free trade agreement (FTA) has taken effect, reports www.wenatcheeworld.com.
The agreement, signed on Thursday (March 15), ends a 24 per cent tariff on Washington cherries, cuts all duties on US grapes and some processed potato products, as well as wheat. Tariffs on US beef and fresh potatoes will decline over time.
"We expect the drop in the tariff will have a tremendous positive impact on our cherry sales to Korea," said president of industry bodies Northwest Cherry Growers and the Washington State Fruit Commission BJ Thurlby.
South Korea is the cherry industry's fourth-largest market after Canada, China/Hong Kong and Taiwan. Washington shipped a record volume of cherries there last year.
The US Trade Representative's Office called the South Korean FTA the most significant of the last 20 years. Congress approved the deal late last year.
Agreements with Panama and Colombia were also approved, but an effective date hasn't been set.
