U.S. soybean shippers support CAFTA ratification

U.S. soybean shippers support CAFTA ratification

   U.S. soybean shippers are urging Congress to ratify the Central American Free Trade Agreement (CAFTA).

   CAFTA immediately eliminates tariffs on all soy products, and expands access for pork and poultry products to Costa Rica, the Dominican Republic, Guatemala, El Salvador, Honduras and Nicaragua.

   According to the American Soybean Association, exports of U.S. soybean, soybean meal and soybean oil to these countries account for more than $260 million in annual sales.

   “CAFTA will improve and enhance trade opportunities, solidify our position as the preferred supplier of soybeans and soybean products, and open new opportunities for exports of U.S. livestock products to these Central American nations,” said Scott Fritz, a board member of the American Soybean Association, in an April 11 statement.

   The Bush administration concluded CAFTA with the five Central American countries in 2003 and added the Dominican Republic in 2004, but the different countries now need to ratify the pact into law.