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Jul. 17, 2023 National Pork Producers Council (NPPC) reports: What happened: Facing an agricultural trade deficit for the first time in decades, a coalition of agricultural organizations urged the Biden administration to pursue comprehensive free trade agreements and redouble efforts to expand export markets for U.S. food and agricultural products by reducing tariffs. In a letter sent late last week to U.S. Trade Representative Katherine Tai, 24 agricultural groups, including NPPC, said, "the opportunity to open markets for American workers is particularly notable in the rapidly growing economies represented in the IPEF" - the Indo-Pacific Economic Framework for Prosperity. To read the letter click here. The IPEF, which consists of Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, United States and Vietnam, is a U.S.-led initiative to forge closer ties with nations in the Asia-Pacific region. Talks are focused on supply chains; clean energy, decarbonization, and infrastructure; tax and anti-corruption; and trade. However, the White House decided not to negotiate on removing tariff and non-tariff trade barriers or addressing standards-related and other technical barriers. In its letter, the coalition said to "capture the potential of the framework, IPEF must tackle key non-tariff barriers that are hindering American exporters." Why it matters: U.S. food and agriculture exports are vital to the American economy. Last year, the agricultural sector exported almost $200 billion of products, which supported millions of U.S. jobs. Historically, the sector has been a net exporter, but the latest U.S. Department of Agriculture forecast predicts a food and agriculture trade deficit of $17 billion for 2023. The 14 countries in the IPEF have about 60% of the world's population representing 40% percent of global GDP and 28% of the world's trade in goods and services. NPPC's take: NPPC supports the IPEF talks but wants the Biden administration to pursue a more ambitious agreement that addresses agricultural market access. That means a deal must eliminate tariff and non-tariff barriers and require adopting of science-based technical, sanitary and phytosanitary standards. Tweet |
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