10-18-19 NPPC: JAPANESE GOV’T APPROVES BILL RATIFYING U.S. TRADE DEAL


JAPANESE GOV’T APPROVES BILL RATIFYING U.S. TRADE DEAL
On Tuesday, the Japanese government approved a bill that would ratify the trade deal with the U.S. The bill will be submitted to the Japanese Diet during its current extraordinary session. It’s anticipated that the trade deal will be implemented by Jan. 1, 2020. Once implemented, the trade agreement will place U.S. pork producers back on a level playing field with international competitors in one of our most important export markets. Dr. Dermot Hayes, an economist at Iowa State University, estimates exports to Japan could grow from $1.6 billion in 2018 to more than $2.2 billion over the next 15 years under market access terms included in the agreement. U.S. pork is highly dependent on exports, shipping more than 25 percent of total production to foreign markets. Other NPPC trade priorities include ratification of the U.S.-Mexico-Canada Agreement, which preserves zero-tariff pork trade in North America, and a permanent waiver of all punitive tariffs in China that will enable U.S. pork producers to better capitalize on an unprecedented sales opportunity with the world’s largest pork-consuming nation.

NPPC is the global voice for the U.S. pork industry, protecting the livelihoods of America’s 60,000 pork producers, who abide by ethical principles in caring for their animals, in protecting the environment and public health and in providing safe, wholesome, nutritious pork products to consumers worldwide. For more information, visit www.nppc.org.