CORN REFINERS WELCOME KOREAN DEAL; URGE PASSAGE OF U.S. – KOREA TRADE AGREEMENT

FOR IMMEDIATE RELEASE
December 6, 2010

CONTACT: David Knowles
(202) 331-1634

WASHINGTON, DC – The Corn Refiners Association (CRA) applauded the deal reached between U.S. and Korean officials for a U.S.-Korea Trade Agreement.

“This agreement represents a positive step forward in opening new markets for our sector. Its benefits to the corn wet milling industry are clear,” said Audrae Erickson, CRA president. “We urge swift Congressional passage of the U.S.-Korea Trade Agreement. Delays in ratification will enable European starch interests to gain a significant advantage over the U.S. corn industry.”

Tariffs on all refined corn products will eventually be phased out under the U.S.-Korea Trade Agreement, which will create new market access for U.S. corn sweeteners, corn oil, and processed animal feeds such as corn gluten feed and corn gluten meal. The Agreement also provides immediate market access for exports of corn starch and modified starches made by U.S. corn refiners. The European Union concluded a free trade agreement with the Republic of Korea that will come into force in July of 2011, providing substantial tariff reductions for the European starch industry.

CRA is the national trade association representing the corn refining industry in the United States. CRA and its predecessors have served this important segment of American agribusiness since 1913. Corn refiners manufacture sweeteners, ethanol, starch, bioproducts, corn oil, and feed products from corn components such as starch, oil, protein, and fiber.

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