U.S. and Korea Reach Agreement on Rice Exports
The Office of the U.S. Trade Representative recently announced that the U.S. and Korea have reached an agreement on market access for U.S. rice. Under the agreement, which will enter into force Jan. 1, 2020, Korea will provide access for 132,304 tons of U.S. rice annually. Korea also agreed to certain disciplines to ensure transparency and predictability around the tendering and auctioning for U.S. rice.
USTR notes that the agreement gives the U.S. the greatest volume of guaranteed rice market access in Korea ever with an annual value of some $110 million. Additionally, the agreement provides U.S. suppliers with enhanced disciplines related to the administration of the U.S. country-specific quota.
For more information on U.S.-Korea trade issues, please contact trade consultant Nicole Bivens Collinson at (202) 730-4956