Korea’s imported beef market is currently supplied by Australia, the US, New Zealand, Canada and Mexico, but it could see additional players within the next year.
Korea’s President Lee Myung-bak is expected to travel to Colombia in the coming week to announce the conclusion of a Free Trade Agreement (FTA) between the two countries.
The agreement includes the elimination of Korea’s 40% import tariff for Colombian beef over a period of 19 years.
Separately, Korea’s Agricultural Ministry said it was in the final stages of their ‘import risk analysis’ for the import of Chilean beef.
Korea will start investigating Chilean export facilities and may start importing beef under standard tariff rates at the end of this year (Nongmin Shinmun).
Korea and Chile signed off on a FTA in 2003.
It is expected that both Colombian and Chilean beef would only make up a small portion of Korea’s imported beef pie.
In 2011, Chilean beef exports to all markets totalled 4,000 tonnes swt, with Colombia being a minor beef exporter as well.
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