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U.S. - JAPAN TRADE AGREEMENT RATIFIED
Dec. 5, 2019
National Corn Growers Association (NCGA) reports:
The Japanese Diet, the country's legislative body, earlier today ratified the U.S.-Japan Trade Agreement. The agreement secures the second largest export market for corn farmers and is expected to go into effect on January 1, 2020. This agreement formalizes and builds on our long-standing trading relationship with Japan.
Japan is the number two buyer of U.S. corn, purchasing more than $2 billion in the most recent marketing year. The agreement reduces U.S. corn and sorghum imports for all purposes to a zero-level tariff and includes a staged tariff reduction for U.S. ethanol and corn. U.S. feed and food corn, corn gluten feed and DDGS will continue to receive duty-free market access.
NCGA President Kevin Ross in October joined leaders of other farm and commodity groups at the White House to commemorate the signing of the U.S.-Japan Trade Agreement.
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