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US and Chile Exploit Korean Beef Export Opportunities

08 March 2013

SOUTH KOREA – Beef trade talks with the Australian government follow the first ever Chilean beef import shipment last month, according to Meat and Livestock Australia and the Animal, Plant and Fisheries Quarantine Inspection Agency.

In February a 25.84 ton beef shipment arrived from Chile into South Korea, reports from the Yonhap News Agency has stated.

The first ever beef trade between the two countries, the initial shipment is expected to be the first of many in a growing trade relationship.

As well as new routes opening up from Chile, this week key business leaders have been discussing the possibility of importing Australian beef.

Urgency from Australian negotiators to establish a Australia Korean Free Trade Agreement (AKFTA) grew after the US secured a free trade deal agreement, according to Meat and Livestock Australia.

US beef tariffs are 5.4 per cent lower than Australian ones, Meat and Livestock Australia has reported.

The tariff differential widens by a further 2.66 per cent on 1 January each year, with US beef entering Korea tariff free by 2026. Continued delays in the AKFTA negotiations could see a significant decrease in Australian beef sales into Australia’s third largest export market valued at $645 million in 2012.

The delegation shared results of recent modelling by the Centre for International Economics which indicates the Australian beef industry will incur a cumulative loss of around $1.4 billion over the 15 years the tariff on US beef is reduced to zero (assuming no similar tariff treatment for Australian beef).

The delegation consisted of representatives from the National Farmers’ Federation, the Cattle Council of Australia, the Australian Lot Feeders’ Association and the Australian Meat Industry Council.

TheMeatSite News Desk

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