South Korea agrees to import quota of 132,304 tons of American rice
SOUTH Korea has struck a deal with the US government to import a guaranteed 132,304 tons of rice per annum from the US next year, starting from 2020, reported American Shipper
SOUTH Korea has struck a deal with the US government to import a guaranteed 132,304 tons of rice per annum from the US next year, starting from 2020, reported American Shipper.
The agreement, valued at US$110 million, 'gives our farmers the largest volume of guaranteed market access for rice in Korea that the United States has ever enjoyed,' said US Trade Representative Robert Lighthizer.
At present Australia, China, Thailand and Vietnam share a combined 256,396 tons of the South Korean rice import quota, in addition the new import quota agreement with the US. South Korea will also solicit 20,000 tons of rice through global tenders, of which US exporters will be eligible to submit bids.
The agreement with South Korea provides US rice suppliers with 'enhanced disciplines' related to administration of the US country-specific quota, the Office of the US Trade Representative said.
'The industry and US government have spent the better part of five years working to finalize this agreement with Korea, so we are pleased to see it come to fruition,' said USA Rice's Asia Trade Policy Subcommittee chairman Michael Rue.