Credit: C-SPAN
U.S. Sen. John Hoeven (R-ND) applauded an Aug. 2 agreement signed between the United States and the European Union (EU) that guarantees American ranchers a bigger share of Europe’s beef market.
“This is what our ranchers and our farmers, our producers across this great country, are after,” Sen. Hoeven said on Friday during the signing event at the White House. “These are the kind of agreements that really make a difference. And that’s what this is about. This is about access to markets.”
The senator, who is chairman of the U.S. Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, joined President Donald Trump and U.S. Trade Representative (USTR) Robert Lighthizer during the signing of the agreement with EU representatives.
“This agreement between the United States and the European Union will enable our ranchers to export more beef to Europe,” said Sen. Hoeven “It will almost triple the amount of beef the U.S. is able to export over time, which is a real win for our ranchers.”
Currently, U.S. duty-free beef exports to the EU are approximately 13,000 metric tons annually, valued at approximately $150 million, according to the Office of the USTR.
The new agreement, which will be phased in over seven years, establishes a duty-free tariff rate quota (TRQ) exclusively for the United States that gives American ranchers an initial TRQ of 18,500 metric tons annually, valued at roughly $220 million, the USTR said, with the TRQ growing to 35,000 metric tons annually, valued at approximately $420 million.
“Our ranchers across this country are absolutely the best in the world. So when we get access to markets, then they can really go to town and out-compete really anybody, anywhere,” said Sen. Hoeven.
The senator also said that Congress must approve the United States-Mexico-Canada Agreement (USMCA) that was reached in November 2018 by the three countries to update the North American Free Trade Agreement (NAFTA).
NAFTA currently remains in effect. The USMCA can become effective following the completion of specific procedures, including a congressional vote on an implementing bill, according to the USTR.
“We need the House to bring it up,” Sen. Hoeven said at the White House. “The Senate is ready to go. We’re ready to pass it with a big, bipartisan vote.”