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Today the Upper House of the Japanese Parliament approved the U.S.-Japan trade agreement, which will greatly improve access for U.S. red meat in Japan. Key provisions of the agreement, which was approved by Japan’s Lower House on Nov. 19, were released in October by the Office of the U.S. Trade Representative (USTR).
USMEF thanks President Trump, USTR and USDA for prioritizing and securing this agreement, which is a major breakthrough for U.S. agriculture. Thanks is also extended to Prime Minister Shinzo Abe and his administration for taking unprecedented steps to expand market access for U.S. red meat. In addition to the benefits provided to the U.S. industry, Japanese consumers will now enjoy more affordable access to a wider range of U.S. products.
USMEF’s projected impact on U.S. pork exports to Japan:
With tariff rates mirroring those imposed on major competitors, USMEF’s forecast for 2020 is for U.S. pork exports to Japan to reach $1.7 billion or 410,000 metric tons. Volume and value projections are based on reduced tariff rates being in place for the full year.
USMEF projects that by 2025, U.S. pork exports to Japan will approach $2 billion. The agreement also opens new opportunities for value-added and processed red meat products, with tariffs on these products phasing to zero, which contributes to the overall growth in U.S. exports to the high-value Japanese market.
December 4, 2019 /USMEF/
http://www.usmef.org/
