• ITVI.USA
    15,100.200
    -20.280
    -0.1%
  • OTLT.USA
    2.892
    0.002
    0.1%
  • OTRI.USA
    19.120
    0.060
    0.3%
  • OTVI.USA
    15,071.550
    -20.840
    -0.1%
  • TSTOPVRPM.ATLPHL
    2.960
    0.380
    14.7%
  • TSTOPVRPM.CHIATL
    3.710
    0.160
    4.5%
  • TSTOPVRPM.DALLAX
    1.290
    -0.010
    -0.8%
  • TSTOPVRPM.LAXDAL
    3.720
    0.010
    0.3%
  • TSTOPVRPM.PHLCHI
    2.240
    0.100
    4.7%
  • TSTOPVRPM.LAXSEA
    4.160
    0.060
    1.5%
  • WAIT.USA
    132.000
    -5.000
    -3.6%
  • ITVI.USA
    15,100.200
    -20.280
    -0.1%
  • OTLT.USA
    2.892
    0.002
    0.1%
  • OTRI.USA
    19.120
    0.060
    0.3%
  • OTVI.USA
    15,071.550
    -20.840
    -0.1%
  • TSTOPVRPM.ATLPHL
    2.960
    0.380
    14.7%
  • TSTOPVRPM.CHIATL
    3.710
    0.160
    4.5%
  • TSTOPVRPM.DALLAX
    1.290
    -0.010
    -0.8%
  • TSTOPVRPM.LAXDAL
    3.720
    0.010
    0.3%
  • TSTOPVRPM.PHLCHI
    2.240
    0.100
    4.7%
  • TSTOPVRPM.LAXSEA
    4.160
    0.060
    1.5%
  • WAIT.USA
    132.000
    -5.000
    -3.6%
American ShipperAsia-PacificNewsTrade and Compliance

South Korea agrees to extra serving of US rice

The agreement, which takes effect Jan. 1, will guarantee the import of 132,304 metric tons of U.S.-grown rice, valued at $110 million.

The U.S. government has reached an agreement with South Korea to allow the import of 132,304 metric tons of U.S. rice per year.

The agreement, which is valued at $110 million, “gives our farmers the largest volume of guaranteed market access for rice in Korea that the United States has ever enjoyed,” said U.S. Trade Representative Robert Lighthizer in a statement.

The import quota agreement takes effect Jan. 1.

In addition to the U.S.-specific quota in the agreement, Australia, China, Thailand and Vietnam all share a combined 256,396 metric tons of the Korean rice import quota. The country will also solicit 20,000 metric tons of rice through global tenders, of which U.S. exporters will be eligible to submit bids.

The agreement with South Korea provides U.S. rice suppliers with “enhanced disciplines” related to administration of the U.S. country-specific quota, the Office of the U.S. Trade Representative said.

“The industry and U.S. government have spent the better part of five years working to finalize this agreement with Korea, so we are pleased to see it come to fruition,” said Michael Rue, a California rice grower and chairman of USA Rice’s Asia Trade Policy Subcommittee, in a statement.

USA Rice said it will participate with the U.S. government in consultations with South Korea to review the progress of the agreement, as well as compliance with WTO commitments. South Korea has consistently been a top 10 export market for U.S.-grown rice, the association said.

Chris Gillis

Located in the Washington, D.C. area, Chris Gillis primarily reports on regulatory and legislative topics that impact cross-border trade. He joined American Shipper in 1994, shortly after graduating from Mount St. Mary’s College in Emmitsburg, Md., with a degree in international business and economics.

We are glad you’re enjoying the content

Sign up for a free FreightWaves account today for unlimited access to all of our latest content

By signing in for the first time, I give consent for FreightWaves to send me event updates and news. I can unsubscribe from these emails at any time. For more information please see our Privacy Policy.